Stock Holding Corporation of India Limited.pdf - IFCI

BOARD OF STOCKHOLDING

Manoj MittalNon-Executive Chairman

Sunil Kumar BansalDirector

Sarojini S. DikhaleDirector

Sachikanta MishraDirector

Vasantha GovindanDirector

Animesh ChauhanIndependent Director

Ramesh N.G.S.Managing Director & CEO

Rekha GopalkrishnanDirector

Ashok Kumar MotwaniIndependent Director

CONTENTSMission Statement 02

Board of Directors 03

Performance Highlights 04

Directors’ Report 05

Report of Corporate Governance 31

Independent Auditors’ Report 28

Annexure to the Independent Auditors’ Report 33

Comments of the Comptroller and Auditor General of India 39

Balance Sheet 40

Statement of Profit and Loss 41

Statement of Changes in Equity 42

Cash Flow Statement 43

Notes to the Financial Statements 45

Statement under Section 129(3) of the Companies Act, 2013in Form AOC-1 relating to subsidiary companies 80

Independent Auditors’ Report on Consolidated Accounts 81

Annexure to the Independent Auditors’ Reporton Consolidated Financial Statements 86

Comments of the Comptroller and Auditor General of Indiaon Consolidated Financial Statements 89

Consolidated Balance Sheet 90

Consolidated Statement of Profit and Loss 91

Consolidated Statement of Changes in Equity 92

Consolidated Cash Flow Statement 93

Notes to the Consolidated Financial Statements 95

Offices / Branches 133

Photo Gallery 146

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Stock Holding Corporation of India Limited

Mission StatementTo be a world class technology driven and client focused

market leader in financial and

technical services

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34th Annual Report 2020-21

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BOARD OF DIRECTORS (AS ON AuGuST 04, 2021)

Manoj Mittal Non Executive Chairman

Sunil Kumar Bansal

Sachikanta Mishra

Rekha Gopalkrishnan

Sarojini S. Dikhale

Vasantha Govindan

Ashok Kumar Motwani

Animesh Chauhan

Ramesh N.G.S. Managing Director & CEO

Shashikant L. Nayak Company Secretary

Statutory Auditors M/s. Sarda & Pareek LLP Chartered Accountants, Mumbai

Central Internal Auditors M/s. J. Singh & Associates, Chartered Accountants, Mumbai

Main Operations Office : SHCIL House P-51, TTC Industrial Area Mahape, Navi Mumbai 400 710. Tel: 022-61778100-09

Registered Office : 301, Centre Point Dr. Babasaheb Ambedkar Road Parel, Mumbai 400 012. Tel: 022-61779400-09 CIN no.U67190MH1986GOI040506 Web: www.stockholding.com

http://www.stockholding.com

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PeRfORMaNCe HigHLigHtS (ON StaNdaLONe BaSiS)

(` in Crores)

2020-21 2019-20

Earnings:

Income from Operations 374 306

Interest & Dividend Income 79 81

Other Income 7 10

Total Income 460 397

Expenses:

Operating Expenses 348 322

Interest & Financial Charges 2 2

Profit before Depreciation 110 73

Depreciation 24 28

Profit before Tax 86 45

Provision for Tax 11 0

Provision for Deferred Tax 6 4

Profit after tax 69 41

Other Comprehensive Income 394 -77

Total Comprehensive Income 463 -36

Assets Employed:

Net Fixed Assets 136 137

Non Current Financial Assets 3213 2550

Other Non Current Assets 32 68

Current Financial Assets 1782 1075

Other Current Assets 19 19

Less: Non Current Liabilities and provisions 631 500

Less: Current Financial Liabilities 1555 904

Less: Other Current Liabilities and provisions 312 209

Total Assets 2684 2236

Financed by:

Share Capital 21 21

Reserves & Surplus 2663 2215

Total Funds 2684 2236

Key Indicators

EPS (`) 33 19

Dividend (%) 131 50

Networth 2684 2236

Book Value per Share (`) 1275 1062

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To the Members

The Board of Directors are pleased to present the Thirty-fourth Annual Report of the Corporation along with the Audited Statement of Accounts for the financial year ended March 31, 2021.

Financial Performance

During the year, the Corporation earned Profit After Tax (PAT) of ̀ 69 Crore as against PAT of ̀ 41 Crore in 2019-20. The Corporation has transferred an amount of `14 crore and `4 crore towards contingency reserves and general reserve respectively. The details of profits are given under:

(` in Crores)

March 31, 2021

March 31, 2020

Profit before Depreciation 110 73

Depreciation 24 28

Profit before Tax 86 45

Provision for tax 11 0

Provision for Deferred Tax 6 4

Profit after tax(a) 69 41

Other Comprehensive Income(net of tax)(b)

394 -77

Surplus Brought Forward(c) 2014 2075

Profit available for Appropriation (a+b+c)

2477 2039

Recorded a net profit of ` 69 crore in FY 2020-21

Net Profit after tax (` in crore)

2018-19

33

41

69

25

50

75

2019-20 2020-21Financial year

0

Recorded total income of `460 crore in FY 2020-21

Total Income (` in crore)

2018-19

387 397460

100

200

300

400

500

02019-20 2020-21

Financial year

Net worth as on March 31, 2021 increased to ` 2684 Crore

Networth (` in crore)

2018-19

2282 2236

2684

500

1000

1500

2000

2500

3000


0

Book Value per equity share of face value of `10/- each has now increased to `1275 as on March 31, 2021

Book Value per share (`)

2018-19

1084 1062

1275

250

500

750

1000

1250

1500


0

Dividend

The Board of Directors are pleased to recommend for approval of the shareholders a final dividend of `8/- per equity share (80%) for the financial year 2020-21. Total dividend for the year together with an interim dividend of `5.10 per equity share (51%) paid earlier would be ̀ 13.10 per share (131%) for the financial year 2020-21.

Economic and capital market developments

Global growth is projected at 6% in 2021, which is likely to moderate to 4.4% in 2022. The projections now being made for 2021 and 2022 are stronger than projections made in October 2020. The upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021 and continued adaptation of economic activity to subdued mobility. High uncertainty surrounds this outlook, related to the path of the pandemic, the effectiveness of policy support to provide a bridge to vaccine-powered normalization, and the evolution of financial conditions. Although, recent vaccine approvals have raised hopes of a turnaround in the pandemic later this year, renewed waves and new variants of the virus pose concerns for the outlook (Source : imf.org).

India’s economy grew at 1.6% in the fourth quarter of 2020-21, recording a slight pickup in GDP growth amid

DIRECTORS’ REPORT

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the COVID-19 second wave hitting the economy hard. In the full fiscal year, the economy shrunk by -7.3% as the Covid-19 pandemic ravaged the economy. “GDP at Constant (2011-12) Prices in Q4 of 2020-21 is estimated at ̀ 38.96 lakh crore, as against ̀ 38.33 lakh crore in Q4 of 2019-20, showing a growth of 1.6%,” the growth in GDP during 2020-21 is estimated at -7.3% as compared to 4.0 percent in 2019-20.

IMF projected an impressive 9.5% growth rate for India in 2021-2022, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. China, on the other hand, which was the only major economy to have a positive growth rate of 2.3% in 2020-2021, is expected to grow by 8.6 % in 2021-2022 and 5.6% in 2022-2023 (Source : imf.org).

India attracted highest ever total FDI inflow of $81.72 billion during the financial year 2020-21, which is 10% higher as compared to the corresponding fiscal of 2019-20, when the inflows were $74.39 billion.

Structural reforms for Startups on an extension in their tax holiday for an additional year, also announced for a push to the textile industry, a hike in custom duty on cotton and raw silk, a focus on sea-weed farming with a new facility in Tamil Nadu and a new vehicle scrapping policy that aims to provide the auto sector a boost among other announcements. Announcement on additional benefits for 1 crore families under the Centre’s Ujjwala scheme. All these reforms are likely to have positive impact on Indian economy.

The country’s retail inflation, measured by the Consumer Price Index (CPI), eased to 4.29% in the month of April. Separately, India’s factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 22.4% in March. Indian Rupee which witnessed volatility during FY20 closed at `73.2065 against USD after appreciating 5.96% during 2020-21.

The Indian capital market witnessed a rise of 175% during FY20-21 as BSE Sensex increased from 28265 to 49509. NSE Nifty also registered a rise of 177.98%, while gradually rising from 8254 to 14691 during the year. The market witnessed a net inflow of FII/FPI funds to the extent of `2,74,034 crore as against `6,153 crores during the previous fiscal. Combined turnover of the cash segment of both the exchanges (i.e. BSE and NSE) increased by 4453 % during the year, while the combined turnover of the derivative segment rose by 13368%.

Gradual economic recovery was visible since August 2020 as lockdown & restrictions due to COVID were eased. The equity market rallied from November 2020 on the news of COVID-19 vaccines.

Operations Review

The Corporation continues to offer services as Custodian of Securities. SEBI introduced a Single Online CAF (Common Application Form) for FPI Registrations. Pursuant to SEBI approval to act as Custodian in the Commodity Derivative Segment for Bullion (Deliverable) and Energy / Brent

Crude (Non-deliverable) efforts are being taken to reach out to the local players such AIFs & MFs and also to set up a robust delivery process. The first ETF client has been on boarded in Gold Custody. Efforts are on to reach out to other MFs with such ETF schemes for safe keeping of underlying gold.

In adherence to SEBI circular, as a Custodian Clearing Member in NSE & BSE, Depository Accounts have been opened to enable the clients to meet the margin obligation by way of Pledge / re-pledge in the depository system. The Corporation is listed in the Global Custodian’s directory (Agent Bank) for its Custodial activities.

Pursuant to SEBI approval, a branch has been opened for Custody Services in IFSC GIFT City, Gandhinagar. Fresh mandates were received from entities in IFSC Gift City. The Corporation is continuing its efforts to engage with prospective PMS / AIF / Gold ETF for Custody and Fund Accounting business. Discussions are also on with several entities planning to setup AIFs in IFSC GIFT City.

The Corporation services the retail clientele in various business segments such as Depository Participant, Authorised Person (erstwhile registered as sub-broker), Derivatives (PCM), e-Stamping, Goldrush (Gold Accumulation Plan), Bullion and Third Party Distribution Products (TPP) like Mutual Funds, Fixed Deposits, Bonds, RBI Bonds, NPS and Insurance etc. StockHolding continues to act as Authorised Person of its 100% subsidiary, M/s. SHCIL Services Limited.

The Corporation has extended its Professional Clearing Membership (PCM) besides equity segment, currency segment & commodity segment to NSE Cash segment & ICEX. The new process of securities collateral management of PCM clients through pledge, re-pledge and unpledged was implemented successfully. Peak margin reporting to exchange was introduced as a regulatory requirement.

Mr. Satish Mahana, Hon’ble Cabinet Minister, Department of Infrastructure and Industrial Development and Mr. Ravindra Jaiswal, Hon’ble Minister of State, Stamps on January 20, 2021 released a Booklet on e-Stamping. Also, seen in the picture are Mr. Amit Dassi, VP – Retail and Mr. Vivek Khurana, AVP – e-Stamping.

The Corporation has presence in twenty-two States / Union Territories for e-Stamping services, in six states for e-Registration Fee and thirteen states for e-Court Fee. The agreement to provide e-Stamping services in the State of Meghalaya has been signed recently. The e-Court fees services was launched in the State of Jharkhand and

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Puducherry in the financial year 2020-21. The e-Stamping agreement was renewed for State of Karnataka, UT of Chandigarh, UT of Daman and Diu and Dadra and Nagar Haveli. The e-Registration fee agreement was renewed for the State of Punjab and e-Court fee agreement was renewed for Chhattisgarh. The facility of online e-Stamping is available in 12 States, e-Registration Fee in 3 States and e-Court Fee in 13 States. Convenience to the citizens is provided through home delivery facility in Delhi and Himachal Pradesh. Online self-printing facility for e-Stamping is available in Delhi, Ladakh, Himachal Pradesh, Karnataka, Chandigarh, Puducherry, Andaman & Nicobar and Jammu & Kashmir.

Mr. Ravindra Jaiswal, Hon’ble Minister of Stamps and Registration inaugurated e-bank guarantee in Bank of Baroda, Zonal Office, Lucknow in the presence of the Commissioner of Stamps, Ms. Ministhy S., IAS and Mr. Prakashchand Srivastava, IAS, Additional IG Registration, General Manager, Bank of Baroda. Also seen in the picture is (Late) Mr. Balaji Patrao, Regional Manager – UP on March 17, 2021.

As a Point of Presence (POP) in the architecture of National Pension System (NPS), large number of companies were enrolled during the year. As a digital initiative & for ease of business, an online system for on-boarding and contribution processing for use of subscribers and corporate clients was developed. The Corporation had initiated inorganic growth in NPS business by taking over existing NPS subscribers from other players.

The Corporation also undertook series of campaigns for all products with a special focus on online sales for products like Sovereign Gold Bonds, Demat, National Pension Scheme, Goldrush and Mutual Funds.

The Corporation continues to offer GoldRush – a Gold Accumulation Plan (GAP) which is a fully online product. There is a continued tie up with CSC e-Governance Services Ltd. to market Gold Accumulation Plan. The product can also be accessed from the mobile app of SHCIL Services Limited (SSL), wholly owned subsidiary. The Corporation has a tie up with MMTC Pamp India Pvt. Ltd. for distribution of bullion coins of various denominations.

The Corporation is authorised by the Insurance Regulatory and Development Authority of India (IRDAI) to act as a Corporate Agent. Currently, the Corporation is a Corporate Agent of Life Insurance Corporation of India, ICICI Prudential Insurance Company Limited, HDFC Life Insurance Co. Ltd for life insurance products; The New India Assurance Co. Ltd, ICICI Lombard General Insurance Ltd, HDFC ERGO General Insurance Co. Ltd for General Insurance Products and Star Health and Allied Insurance Co. Ltd, Care Health Insurance Co. Ltd., and ManipalCigna Health Insurance Co. Ltd for health insurance products. The business is procured and serviced by IRDAI certified employees.

Digital marketing strategy & campaigning

Going with the theme of Go Digital, marketing focus during the FY 2020-21 was on digital marketing strategies to leverage the shifting business environment due to the ongoing COVID-19 pandemic. The prime objective continues to be to enhance the customer experience in digital channels and facilitate easy digital access to products and services.

The Corporation has increased the use of social media to engage and retain prospective and current customers. Various campaigns were promoted on ET, Money Control, Inshorts, Mint, Business Standard in addition to Facebook, Google and Instagram to increase brand visibility and financial awareness. To promote equity culture as well as increase financial literacy, our explainer videos and one-pager educational pamphlets were shared digitally with various organizations and customers. In addition, due to the current pandemic, necessary good health practices were advocated through social media channels. The employees ensured that the branches were operational and also encouraged the clients to transact digitally from the safety of their homes. 500+ campaigns across products were executed which added to online sales and revenue.

The Corporation also rolled out exclusive campaigns across various television business channels to cater to the business community. Advertising campaigns were also organized in conventional print and radio channels in specific Regions to connect with the local customer base across India and create awareness of its e-Services in Government business. To encourage digital transactions in Government service offerings and payments to Government towards e-Stamping / e-Court fees/ e-Registration fees, the Corporation rolled out campaigns digitally in business newspapers thus ensuring seamless collection of stamp duty.

Ms. P. Sreelakshmi, AVP receiving certificate of recognition on behalf of StockHolding from Mr. S. Bandyopadhyay, PFRDA Chairman in the presence of Mr. Ananta G. Das, Executive Director, PFRDA & Dr. Deepak Mohanty, Whole Time Member, PFRDA for StockHolding’s remarkable contribution towards onboarding of subscribers under National Pension System (NPS).

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Impact on Business in view of COVID-19

During the lockdowns since March 2020, as announced by the Central and State Governments to curb the rapid spread of the virus, the Corporation has shown efficient adaptation and effective resilience to minimise the impact of this unforeseen business disruption. There was no disruption in business activities and all the clients were serviced promptly and continuation of operations & services was ensured.

Customers were encouraged to go digital with online payments and online transactions from the comfort of their homes.

The Corporation continues to undertake the following steps to ensure smooth continuity of business:

Implementation of Work from Home

In compliance with Government’s direction to prevent the spread of COVID-19 the safety and security of employees and their families were given priority. Employees were permitted to work from home or report to the nearest location. Whenever required, necessary travel arrangements were made for transporting the employees from their residence to the workplace. The Work from Home is in compliance with the Corporation’s IT security policy including the cyber security policy.

Safe guards at offices and branches

As Stock Exchange related activities were declared as part of essential services, the offices and branches were opened and maintained with minimum staff and the guidelines of the Statutory Authorities at local levels were adhered to. The Corporation has issued Standard Operating Guidelines during and after COVID-19 lockdown to carry out the operations at all offices and branches.

The Corporation has taken necessary steps for ensuring safety and well-being of its human resources viz. undertaking proper and frequent sanitization, maintaining social distancing at work place, compulsory wearing of masks, thermal screening of employees at the office entrance and use of ‘Aarogya Setu App’. Advisories were issued w.r.t. do’s & dont’s and guidelines to all the employees at regular intervals.

Specific BCP in the event of lockdown at SHCiL House - Mahape Office

Considering the importance of back office operations at SHCIL House, the Corporation has Business Continuity Plan (BCP) designed specifically for any unlikely event of shutdown of SHCIL House - Mahape due to any Government order.

Information Technology

Necessary steps were undertaken for securing the data to avoid any external attacks. Adequate cyber security measures are in place to avert any incidents of cyber attacks. A comprehensive Cyber Security Strategy and Framework is in place to enhance the security of the Corporation.

Human Wealth Development & Training

Due to the pandemic and lockdown situation, recruitment through virtual platforms was done for a few employees in

FY 2020-21 to fill the critical activities. Induction Training programme was imparted to new recruits to integrate and quickly adapt to the organisation. The talent acquisition policy is robust, well defined and in line with the present and future business requirements.

The employee friendly organization culture nurtures the talent and potential of its employees and ensures performance, growth and prosperity of all its stakeholders and has quickly transformed its functioning from a physical to virtual environment. The employees continued to service the clients with the same zeal, passion, dedication and commitment. The employees have exhibited excellent performance and have proven to be the backbone of the Corporation. Appreciation allowance was given to employees who have attended office during the lockdown period to recognize their efforts.

The HR policies are reviewed at regular intervals to ensure that the current policies are at par with the market practices. The employees are nominated to various training & development programs in order to hone their talent and skill sets through virtual platforms. Further, the employees are encouraged to acquire the necessary regulatory and compliance certifications conducted by NISM, BSE, NSE, AMFI, IRDA, MCX, etc. to upgrade and update their knowledge and skills. A robust Rewards and Recognition plan has been put in place to incentivise employees for exceptional sales performance. The employees are also getting recognised by the Insurance Companies/Fund Houses/Financial Services Companies for their exceptional sales achievement from time to time.

The mediclaim policy for employees and their family members was renewed with enhanced benefits, especially focussed on treatment of COVID-19 and related illnesses.

In order to foster community spirit and inclusivity, virtual programmes and celebrations and competitions were conducted on various platforms, including Foundation Day, Diwali, New Year, Women’s Day, Appreciation Day, etc.

Material changes and commitment affecting the financial position

There are no material changes affecting the financial position of the Corporation subsequent to the close of the FY 2020-21 till the date of this report.

Subsidiary Companies

The Corporation has three wholly owned subsidiaries, namely, SHCIL Services Limited (SSL), StockHolding Document Management Services Limited (SDMS) and StockHolding Securities IFSC Limited (SSIL). SSL is a member of BSE, NSE and MSEI for equity segment and has recently acquired membership of MCX for commodities segment. The Corporation is an authorised person of SSL. SDMS is in the business of digitization and document management system. SSIL is a stock broking arm offering broking and clearing services with the two international exchanges at the International Financial Services Centre at Gujarat International Finance Tec City (GIFT) in Gujarat.

Pursuant to provisions of Section 129 (3) of the Companies Act, 2013, a statement containing salient features of the financial statement of in Form AOC 1 is attached to the

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financial statements. Pursuant to Section 136 of the Act, separate audited accounts of the subsidiaries are also available on the website of the Corporation.

Dematerialisation of equity shares

The equity shares of the Corporation are admitted with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL). The ISIN allocated by NSDL and CDSL is “INE626X01016”. M/s. Link Intime India Pvt Limited has been appointed as Registrar and Transfer Agent. As on date more than 99.85% of the Corporation’s equity shares are in dematerialised form.

Transfer of equity shares to Investor Education and Protection Fund (IEPF)

In accordance with the provisions of Sections 124, 125 of the Act, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 dated September 5, 2016, the amount of dividend or any other amount remaining unclaimed or unpaid for a period of seven years is required to be transferred to the IEPF. Further all the shares in respect of which dividend remained unclaimed or unpaid for seven consecutive years or more, shall also be transferred to the demat account of the IEPF. The said requirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory Authority, restraining any transfer of the shares.

However, the concerned shareholders shall be eligible to claim the transfer of shares from IEPF by making an application to the IEPF Authority in prescribed form alongwith the prescribed fee.

Green initiative

As a responsible corporate citizen, the Corporation supports the green initiative undertaken by the Ministry of Corporate Affairs, Government of India, enabling electronic delivery of documents including the Annual Report & AGM notice to shareholders at their email addresses previously registered with the DPs and RTA.

Shareholders who have not registered their email addresses are requested to do the same. Those holding shares in demat form can register their email address with their concerned DPs. Shareholders who hold shares in physical form are requested to register their email addresses with the RTA, by sending a letter, duly signed by the first / sole holder quoting details of Folio no.

Directors Responsibility Statement

Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm:

a. that in the preparation of the annual financial statements for the year ended March 31, 2021, the applicable accounting standards have been followed and there are no material departures;

b. that such accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Corporation as at March 31, 2021 and of the profit of the Corporation for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Corporation and for preventing and detecting frauds and other irregularities;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and such internal financial controls were adequate and operating effectively;

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

Directors and Key Managerial Personnel (KMP)

Based on the recommendations of the Nomination and Remuneration Committee and subject to the approval of the shareholders, the Board had approved the appointment of Mr. Manoj Mittal and Mr. Sachikanta Mishra to represent IFCI Limited (IFCI) on the Board. Mr. Mittal has been designated as the Non-Executive Chairman. The said Directors will be appointed as Directors liable to retire by rotation at the ensuing Annual General Meeting (AGM). Mr. Sunil Kumar Bansal was appointed on June 19, 2020 and continues to represent IFCI on the Board.

There are 9 Directors including two Independent Directors. The Independent Directors (Mr. Ashok Kumar Motwani & Mr. Animesh Chauhan) have given declaration that they meet the criteria of Independence as laid down under Section 149 of the Companies Act, 2013.

There are three women Directors viz. Ms. Sarojini S. Dikhale, Ms. Rekha Gopalkrishnan and Ms. Vasantha Govindan. Ms. Dikhale and Ms. Govindan, Directors will retire at the ensuing AGM and being eligible offer themselves for reappointment.

Mrs. Jaya Balachandran, Independent Director completed her tenure on July 27, 2020. Mr. E. Sankara Rao, Non-Executive Chairman and Mr. Biswajit Banerjee, Director representing IFCI ceased to be Directors with effect from close of business hours as on August 16, 2020 and March 11, 2021 respectively. The Board appreciates the valuable contribution made by them during their association with the Corporation.

Mr. Ramesh N.G.S. – MD & CEO, Mr. Jagdish Thakur – SVP & CFO and Mr. Shashikant L. Nayak –VP & Company Secretary are Key Managerial Personnel of the Corporation.

Number of meetings of the Board

Regular meetings of the Board and its Committees are held to discuss and decide on various business policies, strategies, etc.

During the year, five Board Meetings were convened and held. The intervening gap between the meetings was well within the period prescribed under the Companies Act, 2013. The details of meetings of the Board and various Committees of the Board are given in the Corporate Governance Report.

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Audit Committee

The details of the composition & meetings of Audit Committee are included in the Corporate Governance report which forms part of this report.

Nomination and Remuneration Policy

The salient features of the Nomination and Remuneration policy as per Section 178 (3) of the Act have been disclosed in the Corporate Governance Report which forms part of the Directors’ Report. The policy is reviewed every year and the revised NRC policy may be accessed on the Corporation’s website at the link https://www.stockholding.com/NRC. The details of composition & meetings of the Nomination and Remuneration Committee are included in the corporate governance report which forms part of this report.

Corporate Social Responsibility PolicyIn compliance with Section 135 of the Act, the Corporation has undertaken CSR activities. The salient features of the CSR policy and details of activities as required under Companies (Corporate Social Responsibility Policy) Rules 2014 undertaken on CSR during the year are set out in the Annexure ‘1’ of this report. The policy is reviewed every year and the revised CSR policy may be accessed on the Corporation’s website at the link https://corporate.stockholding.com/corporate-social-responsiblity. The details of composition & meetings of the Corporate Social Responsibility Committee are included in the corporate governance report which forms part of this report.

Risk Management PolicyThe Risk Management Committee of the Board has approved a Risk Management policy therein identifying the risks and the various mitigants. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The risks identified on a time to time basis are addressed through mitigating actions on a continuing basis. The policy is reviewed every year. The details of composition & meetings of the Risk Management Committee are included in the corporate governance report which forms part of this report.

AuditorsThe Holding Company i.e. IFCI Limited is a Government Company as per the provisions of Section 2(45) of the Companies Act, 2013 w.e.f. April 07, 2015. Being a subsidiary of a Government Company, the Corporation is also a Government Company w.e.f. April 07, 2015. Accordingly, the three wholly owned subsidiaries viz., SSL, SDMS and SSIL are also Government Companies.

The Office of Comptroller and Auditor General of India (CAG) vide its letter dated August 14, 2020 had appointed M/s. Sarda & Pareek, Chartered Accountants as Statutory Auditors under section 139 of the Companies Act, 2013 for the financial year 2020-21.

The Corporation has an Internal Audit Department which adopts an elaborate internal audit system. Internal Audit of various functions and activities is carried out by reputed firms of Chartered Accountants.

Secretarial Auditors and Auditors’ Report

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of

Managerial Personnel) Rules 2014, the Corporation had appointed M/s. SVVS & Associates, Company Secretaries LLP [FCS no.4453, Certificate of Practice no.11745) to carry out the Secretarial Audit of the Corporation for FY 2020-21. The report of the Secretarial Auditor for FY 2020-21 is attached at Annexure ‘2’. There are no qualifications, observations or adverse remarks or disclaimer in the said report.

Particulars of loans, guarantees and investments

The details of loans, guarantees and investments covered under the provisions of Section 186 of the Act have been disclosed in the financial statement.

Related Party Transactions

All related party transactions that were entered into during the financial year were on an arm’s length basis and were in the ordinary course of business. As prescribed under Section 177 (3) of the Companies Act, 2013, related party transactions are placed before the Audit Committee. None of the transactions with related parties falls under the scope of Section 188 (1) of the Act. There were no materially significant related party transactions by the Corporation during the year with Promoters, Directors, Key Managerial Personnel or other designated persons which might have had a potential conflict with the interest of the Company at large. None of the Directors have any pecuniary relationships or transactions vis-à-vis the Corporation.

As required under the Companies Act, 2013, Form AOC 2 for related party transaction is annexed as Annexure ‘3’ to the Directors’ Report which is a nil report.

Material order passed by the Court

The Corporation had filed a petition in the Supreme Court of India inter alia against the order of the Hon’ble DRAT, Kolkata and the Hon’ble High Court, Kolkata. The details of the matter is mentioned as contingent liability at point no.39 (standalone) and 41 (consolidated) of the Notes to the Accounts.

Annual Return

As per Section 92 (3) & 134 (3)(a) of the Act, Annual Return for FY 2020-21 is uploaded on the website of the Company and can be accessed at the link https://corporate.stockholding.com/about-us/shareholder information.

Corporate Governance

The Corporation is not a listed entity. Nevertheless, it endeavours to comply with Corporate Governance norms. A report thereof is placed at Annexure ‘4’.

Whistle Blower policy and Code of Conduct

The Corporation has a Code of Conduct for its Directors and employees. The Corporation’s vigil mechanism allows the Directors and employees to raise their genuine concerns about unethical behavior, actual or suspected fraud or violation of its code of conduct. The policy provides for direct access in exceptional cases to the Chairman of the Audit Committee. The Corporation encourages the Whistle Blower to raise genuine concerns and provides for adequate safeguards against victimization of whistle blower who avails such mechanism. The policy is reviewed every year and can be accessed on the Corporation’s

https://www.stockholding.com/NRC

https://www.stockholding.com/NRC

https://corporate.stockholding.com/corporate-social-responsiblity


https://corporate.stockholding.com/about-us/shareholder

https://corporate.stockholding.com/about-us/shareholder

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website at the link https://corporate.stockholding.com/vigilance.

Committee against Sexual Harassment in place as required under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The Corporation has a Committee against Sexual Harassment in place as required under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. In order to foster a healthy and safe workplace culture where people value one another and treat each other with respect, the Corporation regularly conducts sensitization sessions for employees related to the topic of Sexual Harassment, during which employees are informed as to what constitutes sexual harassment, its consequences, legal ramifications and their responsibilities in contributing to maintain a workplace free of sexual harassment.

The disclosures required to be made under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 are given below :

Number of complaints of sexual harassment received in the financial year 2020-2021

Nil

Number of complaints disposed off during the financial year 2020-2021

Nil

Number of cases pending for more than ninety days

Nil

Number of workshops or awareness programs against sexual harassment carried out

4 Awareness programs were conducted to sensitize employees towards the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013

Nature of action taken by the employer

Not applicable

Code of Conduct to regulate, monitor and report trading

The Corporation being a SEBI registered intermediary and a subsidiary of a listed Company, IFCI Limited, has formulated a code of conduct to regulate, monitor and report trading by its employees. The code is reviewed every year.

Consolidated Financial Statements

The Corporation has consolidated the accounts of its three wholly owned subsidiaries viz., SHCIL Services Limited (SSL), StockHolding Document Management Services Limited (SDMS) and StockHolding Securities IFSC Limited (SSIL) with its accounts. The consolidated balance sheet, profit & loss account, cash flow statement along with notes to accounts prepared as per AS 21 are attached.

Particulars of Employees

None of the employees were in receipt of remuneration in excess of the limits under Section 197 as laid down under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Secretarial Standards

The Institute of Company Secretaries of India has currently mandated compliance with the Secretarial Standards on Board Meetings and General Meetings. During the year under review, the Company has complied with the applicable Secretarial Standards.

Fixed Deposits

The Corporation has not accepted any fixed deposits from the public. Hence, no information is required to be appended to this report.

Conservation of energy, technology absorption, foreign exchange earnings & outgo

Conservation of energy & technology absorption

The Corporation has taken steps towards conservation of energy and uses latest technologies for improving productivity and quality of its services. The Corporation replaces old and obsolete equipment with energy efficient equipment on an ongoing basis.

The Corporation is using energy efficient electrical lighting system and has installed energy efficient air conditioning which have VRF/VRV systems. In addition, the Corporation has installed energy efficient elevators at Mahape premises, waterless urinals, which reduces wastage of water and solar water heating system at it’s residential training building situated at Mahape.

As part of green initiative, the Corporation has planted & nurtured various trees in and around its main operations office situated at Mahape and installed a sewage treatment plant for the waste water disposal at its Mahape premises. The unclean water gets converted into clean water and the same is used to water the trees around its premises.

Foreign exchange earnings and outgoForeign exchange earnings and outgo during the year under review:

Foreign Exchange earnings - `Nil (previous year Nil)

Foreign Exchange outgo – `20.70 million (Previous year `17.10 million)

AcknowledgementsThe Board places on record its deep appreciation for the excellent support and patronage of Government of India, the Governments of various States / Union Territories in India & the concerned Government departments / agencies, RBI, SEBI, PFRDA and IRDA. The Board also expresses its sincere thanks to National Stock Exchange of India Limited (NSEIL), Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSEI), National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), Clearing Corporation of India Limited (CCIL), Association of Mutual Funds, Banks, Clients and the Shareholders for their cooperation and support in various spheres of the Corporation’s activities. The Board of Directors also expresses its gratitude for the exemplary services rendered by the employees of the Corporation.

For and on behalf of the Board of Directors

Date : August 04, 2021 Manoj MittalPlace : New Delhi Chairman (Non Executive)

https://corporate.stockholding.com/vigilance

https://corporate.stockholding.com/vigilance

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Annexure ‘1’

aNNuaL RePORt ON CORPORate SOCiaL ReSPONSiBiLity (CSR) aCtiVitieS

annual Report on CSR activities for the financial year april 01, 2020 to March 31, 2021

1. Brief outline on CSR policy of the Company.

The Corporation strongly believes that Business & Corporate Social Responsibility (CSR) go hand-in-hand.

The CSR activities are mainly towards the under mentioned areas.

Eradicating hunger, poverty and malnutrition, promoting preventive health care, sanitation, etc.;

Promoting education, including special education and employment enhancing vocation skills, etc.;

Any other area under Schedule VII of Section 135 of the Companies Act, 2013.

The CSR activities are being undertaken through SHCIL Foundation Trust, a public charitable trust registered under Section 12 (A) of the Income Tax Act, 1961. The Trust carries out certain activities directly and also indirectly by way of donations to credible NGOs registered under Section 80G of the Income Tax Act, 1961. Further, the Corporation also carries out CSR activities by way of donation to IFCI Social Foundation.

2. Composition of CSR Committee :

Sl. No.

Name of Director designation / Nature of directorship

Number of meetings of CSR Committee held during the year

Number of meetings of

CSR Committee attended during

the year

1 Mrs. Jaya Balachandran* Independent Director - Chairperson

3 2 out of 2

2 Ms. Sarojini S. Dikhale** Non Executive Director – Chairperson

3 1 out of 1

3 Shri Ashok Motwani Independent Director 3 3

4 Shri Animesh Chauhan Independent Director 3 3

* Completed tenure w.e.f. close of business hours on July 27, 2020.

** Inducted as a member & Chairperson of the Committee w.e.f. November 6, 2020

3. Provide the weblink where Composition of CSR committee, CSR policy and CSR projects approved by the Board are disclosed on the website of the company.

The Board after taking into account the recommendations of the Corporate Social Responsibility (CSR) Committee of the Board has approved the CSR policy. The Composition of the CSR committee, CSR policy and the CSR projects are also displayed on the website https://corporate.stockholding.com/corporate-social-responsiblity.

4. Provide the details of impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility policy) Rules, 2014, if applicable (attach the report).

Not applicable since the CSR obligation is less than `10 crore.

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any.

Sl. No. Financial Year Amount available for set-off from preceding financial years (in `)

Amount required to be set-off for the financial year, if

any (in `)

Not Applicable Not Applicable Not Applicable Not Applicable

6. average net profit of the company as per section 135 (5).

The average net profit of the company for last three financial years as per section 135 (5) is `573 lakh.


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7. (a) two percent of average net profit of the company as per section 135(5).

Two percent of average net profit of the Corporation as per section 135 (5) is `11,00,000/-

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years.

Not Applicable

(c) amount required to be set off for the financial year, if any.

Not Applicable

(d) total CSR obligation for the financial year (7a+7b – 7c).

The total CSR obligation for the financial year is `11,00,000/-

8. (a) CSR amount spent or unspent for the financial year.

Total amount spent for the financial year

(in `)

Amount unspent (in `)

Total amount transferred to unspent CSR account as per

section 135 (6)

amount transferred to any fund specified under Schedule VII as per second proviso to section

135(5)

Amount Date of transfer Name of the Fund

Amount. Date of transfer

`11,00,000/- Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable

(b) details of CSR amount spent against ongoing projects for the financial year:

1 2 3 4 5 6 7 8 9 10 11Sl.no.

Name of the project

Item from the list of

activities in Schedule VII

to the Act

Local area (Yes

/ No.)

Location of the project

Project duration

Amount allocated

for the project (in `)

Amount spent in the

current financial

year (in `)

Amount transferred to unspent

CSR account for the

project as per Section

135(6) (in `)

Mode of implementation – Direct (yes / No)

Mode of implementation

– Through implementing agency

State District Name CSR registration

no.

1. Anchalika JanaSeva Anusthan(AJSA)

Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently abled and livelihood enhancement projects

No Orissa Bolangir Continuous project to support the Bridge School initiative to help to increase the literacy rate and education facilities to the tribal children deprived of such facilities.

8,25,000/- 8,25,000/- Nil No Through SHCIL

Foundation Trust

CSR00004627

Total 8,25,000/- 8,25,000/-

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(c) details of CSR amount spent against other than ongoing projects for the financial year :

1 2 3 4 5 6 7 8Sl.no. Name of the

projectItem from the list of

activities in schedule VII

to the Act

Local area

(yes/No)

Location of the project Amount spent for

the project (in `)

Mode of implementation –

direct (yes / No.)

Mode of implementation –

Through implementing agency

State District Name CSR registration

no.1. Ramakrishna

Mission Tuberculosis and Medical Centre, Delhi Purchase of Sight Saving Equipment along with Patient Unit for the Centre

Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water.

Yes New Delhi

Karol Bagh 2,61,250/- No IFCI Social Foundation

To be registered.

Total 2,61,250/-

(d) Amount spent in Administrative overheads

An amount of `2,75,000/- was donated to IFCI Social Foundation. Out of which `2,61,250/- has been utilized for the purpose mentioned at point no.8(c) and an amount of ̀ 13,750/- i.e. 5% of ̀ 2,75,000/- is towards administrative overheads.

(e) Amount spent on Impact Assessment, if applicable

Not applicable since the CSR obligation is less than `10 crore.

(f) total amount spent for the financial year (8b+8c+8d+8e)

` 11,00,000/-

(g) Excess amount for set off, if any

Sl. no.

Particulars Amount (in `)

i. Two percent of average net profit of the company as per section 135 (5) ` 11,00,000/-

ii. Total amount spent for the financial year ` 11,00,000/-

iii. Excess amount spent for the financial year [ii – i] Nil

iv. Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any

Nil

v. Amount available for set off in succeeding financial years [iii-iv] Nil

9. (a) details of unspent CSR amount for the preceding three financial years :

Sl. no.

Preceding financial year

Amount transferred to unspent CSR

account under section 135 (6)

(in `)

Amount spent in the reporting

financial year (in `)

amount transferred to any fund specified under Schedule VII as per Section 135(6), if any

Amount remaining to be spent in succeeding


Name of the Fund

Amount (in `)

Date of transfer

Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable Not Applicable

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(b) details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s) :

1 2 3 4 5 6 7 8 9

Sl.no. Project ID

Name of the project

Financial year in

which the project was commenced

Project duration

Total amount

allocated for the project (in `)

Amount spent on

the project in the

reporting financial

year (in `)

Cumulative amount spent

at the end of reporting


Status of the

project – completed / ongoing

1 NA Anchalika JanaSeva Anusthan(AJSA)

2020-21 Continuous project

NA 8,25,000/- 61,50,000/- ongoing

Total 8,25,000/- 61,50,000/-

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year (asset-wise details).

(a) Date of creation or acquisition of the capital asset(s)

Nil

(b) Amount of CSR spent for creation or acquisition of capital

Nil

(c) details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.

Not applicable.

(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).

Not applicable.

11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).

For the financial year 2020-21, the Corporation has spent two per cent of the average net profit of the last three financial years.

Date : May 07, 2021Place : Mumbai

Ramesh N.G.S.

Managing Director & CEO

Sarojini S. Dikhale

Chairperson - CSR Committee

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The Members,Stock Holding Corporation of india Limited

Centre Point, Unit No.301, 3rd Floor Dr. B. Ambedkar Road, Parel Mumbai - 400012.

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Stock Holding Corporation of india Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March 31, 2021, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2021 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;

(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;

(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings - Not Applicable;

(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 - Not Applicable;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

Annexure ‘2’

FORM NO. MR-3 SeCRetaRiaL audit RePORt

fOR tHe fiNaNCiaL yeaR eNded MaRCH 31, 2021[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 - Not Applicable;

(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 - Not Applicable;

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 - Not Applicable;

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 - Not Applicable;

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 - Not Applicable;

(i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Not Applicable; and

(vi) Other laws as may be applicable specifically to the company, namely:

(i) SEBI (Intermediaries) Regulations, 2008

(ii) SEBI (Depositories and Depositories Participants) Regulations, 2021

(iii) SEBI (Research Analysts) Regulations, 2014

(iv) SEBI (Custodian of Securities) Regulations, 1996

(v) Byelaws, Rules, Regulations and Circulars issued by Stock Exchanges

(vi) Byelaws, Rules, Regulations and Circulars issued by Depositories

(vii) Code of Conduct for Mutual Fund Advisor as per the requirement of AMFI

(viii) Guidelines for Operational Activities – to be followed by Point of Presence (PoP) issued by Pension Fund Regulatory and Development Authority

(ix) Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2014

(x) Pension Fund Regulatory & Development Authority (Retirement Adviser) Regulations, 2016

(xi) IRDA (Registration of Corporate Agents) Regulations, 2015

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(xii) Guidelines issued by RBI with respect to distribution of GOI Relief Bonds.

(xiii) Prevention of Money laundering Act, 2002

We have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India.

(ii) The Listing Agreements entered into by the Company with Stock Exchange(s) - Not Applicable.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

We further report that the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further information and

clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the minutes (All resolutions were carried unanimously).

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines (Please see Annexure B).

We further report that during the audit period, the company has not accomplished/encountered any specific events / actions having a major bearing on the company’s affairs in pursuance of the laws, rules, regulations, guidelines, standards, etc. referred to above.

August 04, 2021Mumbai

CS. Suresh Viswanathan Designated Partner

FCS : 4453, CP No : 11745

Note: This report is to be read with the list of Applicable Laws and our letter of even date which are attached as Annexure A and Annexure B respectively and form an integral part of this report.

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ANNEXuRE A

The Members,Stock Holding Corporation of india LimitedCentre Point, Unit No.301, 3rd Floor Dr. B. Ambedkar Road, Parel Mumbai - 400012.

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. No audit has been conducted on the compliance with finance and taxation laws as the same are subject to audit by the Statutory Auditor and Internal Auditor to the Company and their observations, if any, shall hold good for the purpose of this audit report.

5. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.

6. The compliance with the provisions of Corporate and other applicable laws rules, regulations the responsibility of management, our examination was limited to the verification of procedures on test basis.

7. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

8. Audit of the compliance with Other Laws has been undertaken based on scope of audit and the applicability of such Laws as ascertained by the Company and informed to us.

9. We have relied on reports of Internal Audit, Regulatory Inspection/Audit to the extent made available to us and the observations, if any, contained in such reports shall hold good for the purpose of this audit report.

10. We are informed that SEBI / Stock Exchanges / Depositories had conducted an inspection of the books of the Company during the financial year 2019-20 and their recommendations & observations have been complied by the Company.

August 04, 2021Mumbai

CS. Suresh Viswanathan Designated Partner

FCS : 4453, CP No : 11745

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ANNEXuRE B

The following laws have been taken into account to verify if that there are adequate systems and processes to monitor and ensure compliance with, in the Company, commensurate with the size and operations:

1. Companies Act, 2013 and the applicable Rules thereunder

2. SEBI (Intermediaries) Regulations, 2008

3. SEBI (Depositories and Depositories Participants) Regulations, 2020

4. SEBI (Research Analysts) Regulations, 2014

5. SEBI (Custodian of Securities) Regulations, 1996

6. SEBI (Prevention of Insider Trading) Regulations, 2020

7. SEBI (FPI) Regulations, 2020

8. Byelaws, Rules, Regulations and Circulars issued by Stock Exchanges

9. Byelaws, Rules, Regulations and Circulars issued by Depositories

10. Code of Conduct for Mutual Fund Advisor as per the requirement of AMFI

11. Guidelines for Operational Activities – to be followed by Point of Presence (PoP) issued by Pension Fund Regulatory and Development Authority

12. Pension Fund Regulatory and Development Authority (Custodian of Securities) Regulations, 2014

13. Pension Fund Regulatory & Development Authority (Retirement Adviser) Regulations, 2016

14. IRDA (Registration of Corporate Agents) Regulations, 2015

15. Guidelines issued by RBI with respect to distribution of GOI Relief Bonds.

16. Prevention of Money laundering Act, 2002

17. The Maternity Benefit Act, 1961

18. The Payment of Bonus Act, 1965

19. The Maharashtra Labour Welfare Fund Act, 1953

20. Employee’s Provident Fund & Miscellaneous Provisions Act, 1952

21. The Payment of Gratuity Act, 1972

22. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

23. The Maharashtra Security Guards Board (Regulation of Employment & Welfare) Act, 1981 & Maharashtra Security Agencies Regulation Act, 2005

24. Employees’ State Insurance Act, 1948

25. The Shops and Establishments Act.

20


Annexure ‘3’

FORM NO.AOC 2(Pursuant to clause (h) of sub-Section (3) of Section 134 of the Act and Rule 8 (2) of the

Companies (Accounts) Rules, 2014)

1. Details of contracts or arrangements or transactions not at arm’s length basis : None

(a) Name(s) of the related party and nature of relationship – Not applicable

(b) Nature of contracts / arrangements / transactions – Not applicable

(c) Duration of the contracts / arrangements / transactions – Not applicable

(d) Salient terms of the contracts or arrangements or transactions including the value, if any – Not applicable

(e) Justification for entering into such contracts or arrangements or transactions – Not applicable

(f) Date (s) of approval by the Board – Not applicable

(g) Amount paid as advances, if any – Not applicable

(h) Date on which the special resolution was passed in general meeting as required under first provision to Section 188 – Not applicable

2. Details of material contracts or arrangements or transactions at arm’s length basis : None

(a) Name(s) of the related party and nature of relationship – Not applicable

(b) Nature of contracts / arrangements / transactions – Not applicable

(c) Duration of the contracts / arrangements / transactions – Not applicable

(d) Salient terms of the contracts or arrangements or transactions including the value, if any – Not applicable

(e) Date(s) of approval by the Board, if any – Not applicable

(f) Amount paid as advances, if any – Not applicable

For and on behalf of the Board of Directors

Place: New Delhi Manoj MittalDate: August 04, 2021 Chairman (Non Executive)

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Annexure ‘4’

REPORT ON CORPORATE GOVERNANCE(forming part of Directors’ Report for the year ended March 31, 2021)

The Corporation’s philosophy on Code of Governance

The Corporation is not a listed entity, nevertheless, it endeavours to comply with Corporate Governance norms. The Code of Governance protects the interests of all the stakeholders thereby enhancing shareholders’ value. The philosophy on corporate governance recognizes the accountability of the Board, Management and employees of the Corporation and the importance of decisions to all constituents, including customers, employees, investors, business associates, regulatory authorities and the community at large. The Corporation believes that all its operations and actions must be totally transparent and serve the underlying goal of enhancing shareholder value.

The Corporation has a Code of Conduct for its Employees and Directors. The objective of this Code is to ensure observance of high ethical standards by the Directors and the Employees of the Corporation, and their commitment to the task of enhancing fairness and integrity of the system both in letter and in spirit.

Board of Directors

The Board sets the strategic goals, defines policies and oversees the implementation of these policies to enable actions that would lead to the attainment of the goals. The Board consists of nine members including two Independent Directors. The day-to-day management is being looked after by the Managing Director and CEO.

Other relevant details of Directors

The details of Directorships held by the Directors as on August 04, 2021 in other companies are given below.

Name of the Director

Name of institution represented as equity investor

Date of appointment

Category Directorships

Manoj Mittal IFCI Limited (Managing Director & CEO)

June 17, 2021 Chairman-Non Executive

1. IFCI Limited, MD & CEO

2. Institute of Leadership Development-Member, Board of Governors (Chairman)

3. IFCI Factors Ltd. - Director (Chairman)

4. IFCI Venture Capital Funds Ltd., - Director (Chairman)

5. IFCI Infrastructure Development Limited - Director (Chairman)

6. Management Development Institute (Chairman)

Sunil Kumar Bansal

IFCI Limited (Deputy Managing Director)

June 19, 2020 Non Executive Director

1. IFCI – Whole Time Director

2. IFCI Infrastructure Development Limited – Director

3. Institute of Leadership Development – Board of Governors

4. IFCI Venture Capital Fund – Director

5. IFCI Social Foundation – Vice Chairman & Trustee

6. MPCON Limited – Director

7. IFCI Factors Limited - DirectorSachikanta Mishra

IFCI Limited (Chief General Manager)

March 16, 2021

Non Executive Director

1. IFCI Factors Limited - Director

Sarojini S. Dikhale

LIC of India December 09, 2019


-

Vasantha Govindhan

Administrator of the Specified Undertaking of Unit Trust of India (SU-UTI)- CEO

May 26, 2020 Non Executive Director

1. UTI Infrastructure Technology and Services Limited, Director

2. National Financial Holdings Company Limited, Director

3. Axis Bank Limited, Director

22


Name of the Director

Name of institution represented as equity investor

Date of appointment

Category Directorships

Rekha Gopalkrishnan

GIPSA & GIC Re August 02, 2019


-

Ashok Motwani

August 02, 2019

Non Executive Independent Director

1. Beacon Trusteeship Limited -Executive Director

2. LAS Warehousing Solutions Private Limited

Animesh Chauhan

August 02, 2019

Non Executive Independent Director

1. Union Asset Management Company Private Limited, Director

2. Scoreme Solution Private Limited, Director

3. Stress Credit Resolution Private Limited, Director

4. Kailash Healthcare Limited, Director

5. Kailash Hospitals Limited, Independent Director

6. Uma Medicare Limited, Independent DirectorRamesh N.G.S. Managing Director &

CEO - StockHoldingJuly 28, 2014 MD & CEO 1. StockHolding Document Management

Services Limited – Non Executive Chairman

2. SHCIL Services Limited – Non Executive Chairman

3. StockHolding Securities IFSC Limited – Non Executive Chairman

4. Indian Clearing Corporation Limited – Member Advisory Committee

5. Wonder Home Finance Limited – Independent Director

6. IFIN Securities Finance Limited - Non Executive Chairman

7. IFIN Credit Limited - Non Executive Chairman

8. IFCI Financial Services Limited - Non Executive Chairman

9. IFIN Commodities Limited – Non Executive Chairman

* None of the Director are related to any of the other Directors.

Mrs. Jaya Balachandran, Independent Director completed her term on July 27, 2020. Mr. E. Sankara Rao, Non Executive Chairman and Mr. Biswajit Banerjee, Director ceased to be Directors w.e.f. close of business hours as on August 16, 2020 and March 11, 2021 respectively.

Details of the Board Meeting and Attendance

The Board of Directors meet atleast once a quarter. Five meetings were held during the financial year 2020-21. Details of Board Meetings held are as follows:

Sr. No.

Date of the Board Meeting Total number of Directors on the date of the meeting

No. of Directors attended

% of Attendance

1 June 19, 2020 10 10 100

2 July 24, 2020 10 10 100

3 November 06, 2020 8 8 100

4 January 29, 2021 8 8 100

5 March 19, 2021 8 6 75

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attendance of directors at Board Meetings and annual general Meeting during the financial year 2020-21:

Sr. no.

Name of the Director Attendance at the Board Meetings held on

19-Jun-2020

24-Jul-2020

06-Nov-2020

29-Jan-2021

19-Mar-2021

Attendance at the AGM held on

November 06, 2020

1 Sunil Kumar Bansal * √ √ √ √ √ √

2 Sachikanta Mishra& NAB NAB NAB NAB LOA NAB

3 Sarojini S. Dikhale √ √ √ √ √ √

4 Rekha Gopalkrishnan √ √ √ √ LOA √

5 Vasantha Govindan# √ √ √ √ √ LOA

6 Ashok Kumar Motwani √ √ √ √ √ √

7 Animesh Chauhan √ √ √ √ √ √

8 Ramesh N.G.S. √ √ √ √ √ √

9 Biswajit Banerjee @ √ √ √ √ NAB √

10 E. Sankara Rao ^ √ √ NAB NAB NAB NAB

11 Jaya Balachandran % √ √ NAB NAB NAB NAB

LoA = Leave of absence; √ = attended; NAB = Not a member of the Board of Directors on the date of the meeting

# joined the Board w.e.f. May 26, 2020

* joined the Board w.e.f. June 19, 2020

& joined the Board w.e.f. March 16, 2021

^ ceased to be a Director w.e.f. close of business hours of August 16, 2020

% ceased to be a Director w.e.f. close of business hours of July 27, 2020

@ ceased to be a Director w.e.f. close of business hours of March 11, 2021

COMMITTEE MEETINGS

Audit Committee

The accounts are audited every quarter and the audited quarterly and annual financial statements are placed before the Audit Committee for their recommendations before submission to the Board for approval.

The terms of reference of the Audit Committee of the Board inter alia includes the terms referred to under Section 177 (4) of the Companies Act, 2013. The scope of internal audit covers audit of various functions and activities of the Corporation viz., Custodial Operations, Depository Participant Operations, Derivatives, SGL, GOI bonds, Sub-broking activities, e-Stamping activities, Administration, Human Wealth Development, Information Technology, etc.

As mandated, the Corporation also conducts a yearly Custodial Audit and reports to SEBI under Regulation 14(2) of the SEBI Custodial Regulations 1996. The Corporation also conducts audit of its depository activities under SEBI (Depository Participant) Regulation 1996 and Clause 10.3 of byelaws of NSDL and Clause 16.3 of byelaws of CDSL.

As on March 31, 2021, the Audit Committee comprised of four members viz., Mr. Animesh Chauhan (Chairman), Mr. Sachikanta Mishra, Ms. Sarojini S. Dikhale and Mr. Ashok Kumar Motwani, Directors. The details of attendance of the Directors at the Audit Committee meetings during the FY 2020-21 are as follows:

Sr. No.

Name of the Director Category Attendance at the Audit Committee Meeting

19-Jun-2020

23-July-2020

05-Nov-2020

28-Jan-2021

18-Mar-2021

1 Animesh Chauhan Non Executive / Independent √ √ √ √ √

2 Sachikanta Mishra & Non Executive NAB NAB NAB NAB LOA

3 Sarojini S. Dikhale Non Executive √ √ √ √ √

4 Ashok Kumar Motwani Non Executive / Independent √ √ √ √ √

5 Biswajit Banerjee @ Non Executive √ √ √ √ NAB

6 Jaya Balachandran % Non Executive / Independent √ √ NAB NAB NAB

LoA = Leave of absence; √ = attended; NAB = Not a member of the Board of Directors on the date of the meeting

& Inducted as member of ACB w.e.f. March 16, 2021



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Nomination and Remuneration Committee

The Corporation has constituted a Nomination and Remuneration Committee (NRC). As required under Section 178 (3) of the Companies Act, 2013, the NRC has inter alia formulated the criteria for determining qualifications, positive attributes and independence of Directors, recommend the appointment of persons who may be appointed as Directors, Key Managerial and Senior Management position (at one level below the MD & CEO / WTD) in accordance with the criteria laid down in this policy, recommend to the Board the remuneration payable to KMP, Senior Management Personnel and other employees and recommend to the Board remuneration, if any, payable to the Directors.

As on March 31, 2021, the NRC comprised of three Directors viz., Mr. Ashok Kumar Motwani (Chairman), Mr. Sachikanta Mishra and Mr. Animesh Chauhan, Directors. The details of attendance of the Directors at the Nomination and Remuneration Committee meetings during the FY 2020-21 are as follows:

Sr. No.

Name of the Director Category Attendance at the Nomination & Remuneration Committee Meeting

19-Jun-2020

23-Jul-2020

05-Nov-2020

28-Jan-2021

18-Mar-2021

1 Ashok Kumar Motwani Non Executive / Independent √ √ √ √ √

2 Sachikanta Mishra $ Non Executive NAB NAB NAB NAB LOA

3 Animesh Chauhan # Non Executive / Independent NA NA √ √ √

4 Biswajeet Banerjee @ Non Executive √ √ √ √ NAB

5 Jaya Balachandran % Non Executive /Independent √ √ NAB NAB NAB

√ = attended; NA = Not applicable since the Director was not a member on the date of the meeting; NAB = Not a member of the Board of Directors on the date of the meeting;

$ Inducted as member of NRC w.e.f. March 16, 2021;

# Inducted as member of NRC w.e.f. October 08, 2020



Risk Management Committee

Risk Management Committee inter alia reviews various risks the Corporation is exposed to / risks associated with any new initiatives and considers the mitigants suggested by the business heads / departmental heads / Chief Risk Officer. Thereafter, the Risk Management Committee gives its recommendations on the risks and the mitigants thereof to the Board.

As on March 31, 2021, the Committee comprised of three directors viz., Ms. Rekha Gopalkrishnan (Chairperson), Ms. Sarojini S. Dikhale and Mr. Animesh Chauhan, Directors. The details of attendance of the Directors at the Risk Management Committee meetings during the FY 2020-21 are as follows:

S r . No.

Name of the Director Category Attendance at the Risk Management Committee Meeting

22-May-2020

23-Jul-2020

05-Nov-2020

28-Jan-2021

1 Rekha Gopalkrishnan Non Executive √ √ √ √

2 Sarojini S. Dikhale Non Executive √ √ √ √

3 Animesh Chauhan Non Executive / Independent √ √ √ √

√ = attended

Corporate Social Responsibility Committee

The CSR policy has been prepared pursuant to Section 135 of the Act, CSR Rules, any circulars / notifications issued by the MCA. The role of CSR Committee includes :

Formulating and recommending to the Board of Directors the CSR policy and indicating activities to be undertaken.

Recommending the amount of expenditure for the CSR activities.

Monitoring CSR activities from time to time.

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As on March 31, 2021, the Committee comprised of three Members viz., Ms. Sarojini S. Dikhale (Chairperson), Mr. Ashok Kumar Motwani and Mr. Animesh Chauhan, Directors. The details of attendance of the Directors at the CSR Committee meeting during the FY 2020-21 are as follows:

Sr. No.

Name of the Director Category Attendance at the CSR Committee Meeting

22-May-2021

24-Jul-2020

18-Mar-2021

1 Sarojini S. Dikhale Non Executive NA NA √2 Ashok Kumar Motwani Non Executive/ Independent √ √ √3 Animesh Chauhan Non Executive/ Independent √ √ √4 Jaya Balachandran % Non Executive/ Independent √ √ NAB

√ = attended; NA = Not applicable since the Director was not a member on the date of the meeting;

NAB = Not a member of the Board of Directors on the date of the meeting;


Committee for New Initiatives

Any new business proposal is initially placed to the Committee for New Initiatives and thereafter to the Risk Management Committee. The New Initiatives Committee inter alia considers factors like cost benefit analysis, viability, synergy with existing businessline, etc. The recommendations of the Committee are placed before the Board.

As on March 31, 2021, the Committee comprised of three members viz., Mr. Ashok Kumar Motwani, Mr. Sachikanta Mishra and Ms. Vasantha Govindan as members. The Committee did not meet during the year.

Committee of Independent Directors

In compliance of Schedule IV (Code for Independent Directors), the Independent Directors had met on March 18, 2021.

The Committee comprises of Independent Directors viz., Mr. Ashok Kumar Motwani and Mr. Animesh Chauhan. The details of attendance during the FY 2020-21 are as follows:

Sr. No.

Name of the Director Attendance at the Committee Meeting held

18-Mar-20211 Ashok Kumar Motwani √2 Animesh Chauhan √

√ = attended;

Committee for Transfer of Shares

The Committee is required to ensure that the transfers of shares held by institutional shareholders are in compliance with the pre-emptive rights applicable to institutional shareholders.

As on March 31, 2021, the Committee for Transfer of Shares comprised of Directors viz., Mr. Sachikanta Mishra (Chairman), Ms. Sarojini S. Dikhale, Ms. Rekha Gopalkrishnan and Ms. Vasantha Govindan as members. The Committee did not meet during the year since there was no transfer of shares by the institutional shareholders.

Dematerialisation of equity shares

The equity shares of the Corporation are admitted with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL). The ISIN allocated by NSDL and CDSL is “INE626X01016”. M/s. Link Intime India Pvt Limited has been appointed as Registrar and Transfer Agent. As on date more than 99.85% of the Corporation’s equity shares are in dematerialised form.

Shareholding Pattern

The share holding pattern is as under :

Equity Shareholders Number of equity shares of face

value ` 10/-

% of total equity shares

IFCI Ltd 1,11,30,000 52.86Administrator of the specified undertaking of the Unit Trust of India 35,70,000 16.96Life Insurance Corporation of India 31,50,000 14.97General Insurance Corporation of India 6,30,000 2.99

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Equity Shareholders Number of equity shares of face

value ` 10/-

% of total equity shares

New India Assurance Company Limited 6,30,000 2.99United India Insurance Company Limited 6,30,000 2.99The Oriental Insurance Company Limited 6,30,000 2.99National Insurance Company Limited 6,30,000 2.99Others 54,400 0.26Total 2,10,54,400 100

None of the Directors hold any equity share in the Corporation.

General Body Meetings

The Annual General Meetings (AGM) of the Corporation are held at Mumbai and the details of the meetings held during the past three years are as under:

General Meeting 31st AGM 32nd AGM 33rd AGMYear 2017-18 2018-19 2019-20Venue 301, Centre Point, Dr. B.

Ambedkar Road, Parel, Mumbai 400 012

301, Centre Point, Dr. B. Ambedkar Road, Parel, Mumbai 400 012

Through Video Conference / Other Audio Visual Means

Date and Day Meeting September 17, 2018Monday

September 20, 2019Friday

November 06, 2020Friday

The above mentioned AGM did not pass any special resolutions.

Disclosures

There were no transactions of material nature with its Directors, KMP or their relatives etc. that may have potential conflict with the interest of the Corporation at large.

Dividend history

dividend History of last five years

Sr. no. Financial year Rate of dividend Date of declaration (AGM)

1 2015-16 75% September 23, 20162 2016-17 213.50% September 15, 20173 2017-18 79% September 17, 20184 2018-19 45.5% September 20, 20195 2019-20 50% November 06, 2020

Pursuant to Section 123 of the Companies Act, 2013, dividends that are unclaimed for a period of seven years get transferred to the Investors’ Education and Protection Fund administered by the Central Government.

Shareholder Information

a. Annual General Meeting

Date, time & Venue of the Annual General Meeting

Friday, September 24, 2021 at 4.00 p.m. through Video Conference (VC) / Other Audio Video Means (OAVM)

b. date of Book closure / record date

Friday, September 24, 2021

c. Dividend payment date

Dividend after Friday, September 24, 2021 but within the statutory time limit

d. Listing on Stock exchange

The Corporation’s shares are not listed on any stock exchange.

e. Annual Report

The Annual Report containing inter alia Audited Annual Accounts, Consolidated Financial Statement, Directors’ Report, Auditors’ Report and other important information is circulated to members and others entitled thereto. The Annual Report of the Corporation is also available on the website of the Corporation in a downloadable form.

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f. Distribution of shareholding as on March 31, 2021

Thepromoterinstitutionsviz.,IFCILtd.,AdministratoroftheSpecifiedUndertakingofUnitTrustofIndia,LICofIndia,General Insurance Company of India, The Oriental Insurance Company Limited, The New India Assurance Company Limited,UnitedIndiaInsuranceCompanyLimitedandNationalInsuranceCompanyLimitedtogetherhold99.74%outof21,054,400equitysharesof`10eachissuedandsubscribed,thebalance0.26%ofthesharesareheldbyindividuals(0.257%)andabodycorporate(0.003%).

g. Address for correspondence

The Company Secretary StockHoldingCorporationofIndiaLimited 301,CentrePoint Dr.BabasahebAmbedkarRoad Parel,Mumbai400012.

Dated:August04,2021

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INDEPENDENT AUDITOR’S REPORTTo the Members of Stock Holding Corporation of India Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Stock Holding Corporation of India Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2021, and the Statement of Profit and Loss, Statement of changes in Equity and Statement of Cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. ( hereinafter referred to a “Standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standard prescribed under section 133 of the Act, read with the Companies ( Indian Accounting Standards) Rules, 2015 as amended, ( “Ind AS”) and the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, and the profit, total Comprehensive Income, its cash flows and changes in equity and for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants

of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to:

a. Note No. 39 of the Standalone Ind AS Financial Statements related to outcome of continuing litigation with a Bank, pending adjudication of the matter by the Honourable Supreme Court. As per the legal opinion obtained by the Management, no provision has been recognised in the Statement of Profit and Loss.

b. Note no. 56 of the Standalone Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the standalone financial statements of the year ended March 31, 2021. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, as we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Key Audit Matters Auditors’ response to Key Audit Matters

Provisions and Contingent Liabilities

(Refer note no. 37(A) of the standalone Ind AS financial statements)

The company has litigations in respect of certain tax matters and other disputes for which the final outcomes cannot be easily predicted and which could potentially result in significant liabilities. These have been disclosed under Contingent Liabilities. The assessment of the risks associated with the litigations is based on complex assumptions, which require the use of judgement and such judgement relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the financial statements. Because of the judgement required, the materiality of such litigations and the complexity of the assessment process, the area is a key matter for our audit

Our audit procedures involved the following

• Testing the effectiveness of controls around the recording and re-assessment of contingent liabilities.

• Performing our assessment of assumptions used in the evaluation of potential legal and tax risks performed by the legal and tax department of the company considering the legal precedence and other rulings in similar cases.

• Inquiry with the legal and tax departments regarding the status of the most significant disputes and inspection of the key relevant documentation.

• Analysis of opinion received from the experts where available.

• Review of the adequacy of the disclosures in the notes to the financial statements.

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Enhancements to Company’s system of IT general controls

The Company’s management devoted significant effort to enhance and standardise the system of IT general controls (ITGCs) in the current pandemic situation, including the implementation of Core Accounting Software. During any period of significant process change, there is increased risk to the internal financial control environment. Consequently, in addition to the inherent risks associated with auditing the IT systems of a complex organisation such as SHCIL, the audit team focused its procedures on the risks associated with the following change programmes:

• further standardisation of Company’s user access management process; and

• implementation of the Company's enterprise wide IT change management process.

Our procedures focused on the key IT processes and controls over IT systems critical to our audit. These included:

• management of changes to systems and access to systems; and

• IT operations, such as problem and incident management, and back-up and restore.

• Authorising access rights for new joiners;

• Timely removal of user access rights;

• Logging and monitoring of user activities;

• granting, potential use, and the removal of these access rights;

• Segregation of duties including access to multiple systems that could circumvent

• segregation controls;

We updated our understanding of Company’s key IT applications and IT transitions that impacted our financial statement audits by carrying out walk-through tests. We identified applications that were critical to our audit and therefore included in our audit scope. We also assessed the risk associated with any key business or IT changes and identified and tested application and IT dependent manual controls that we considered key to the business processes related to financial reporting.Our audit approach involved central testing of ITGCs that we considered important to the financial statements, including:

• management of changes to systems;

• management of access to systems; and

• management of IT operations.

We tested the implementation and operating effectiveness of management’s remediated Access Management controls and found them to be effective in FY 2021.

Valuation of investment in certain equity interests of an unlisted company

(Refer note no. 2.9 of the standalone Ind AS financial statements)

The Company has accounted investment in certain equity interests of an unlisted company (the “Investment”) which owned the largest Stock Exchange of the country, as a “Strategic Investment” financial asset which is subject to fair value revaluation at each reporting date.

The Investment at March 31, 2021 was valued consistently as per the method as prescribed Ind AS. With reference to the valuation, management had estimated the fair value of the Investment at ` 2,42,999 lakhs as on 31st March, 2021. The Investment is operating in an emerging industry and its fair value is highly dependent on its future plan, the valuation involved significant management judgements. Accordingly, the valuation of the Investment was considered as one of the key audit matters. The fair value was determined based on the average of Traded price in the last six months. The valuation involved significant reliance on the perception of the Shares in the market, along with understanding of future projection of profitability, plans for listing of securities,, discount rate, marketability discount etc.

Our audit procedures involved the following:

• Testing the mathematical accuracy;

• Evaluating the document and information provided by the management;

• Assessing the valuation methodology used by the Company to estimate the fair value of the Investment;

• Checking, on a sample basis, the accuracy and reasonableness of the input data provided by management, the supporting evidence, such as approved basis by the Audit Committee, and considering the reasonableness of these basis by comparing the basis to the historical results and market data.

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Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the Financial Performance highlights, Board Report including Annexures to the Boards Report, Report on Corporate Governance and Other Information, which is expected to be made available to us after that date but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the Financial Performance highlights, Board Report including Annexures to the Boards Report, Report on Corporate Governance and Other Information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Ind AS financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has an adequate internal financial controls system in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management

4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions

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may cause the Company to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the Ind AS financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of the standalone financial statements that, individually or in aggregate, makes it possible that the economic decision of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and evaluating the results of our work.; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged to governance regarding, among other matters, the planned scope and timing of the audit and significant audit finding, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance regarding with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our Independence, and where applicable, related safeguards.

From tha matters communicated with those charged to governance, we determine those matters that were most significant in the audit of standalone financial statements for the current period and therefore the key audit matters. We describe these matters in the auditor's report unless the law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

Further to the continuous spreading of COVID -19 across India, the State Government of Maharashtra announced a 15-day lockdown on April 05, 2021, across Maharashtra to contain the spread of the virus. This has resulted in restrictions on a physical visit to the client locations and the need for carrying out alternative audit procedures as per the Standards on Auditing prescribed by the Institute of Chartered Accountants of India (ICAI).

As a result of the above, the entire audit was carried out based on remote access of the data as provided by the management. We have been represented by the management that the data provided for our audit purposes is correct, complete, reliable, and are directly generated by the accounting system of the Company without any further manual modifications.

We bring to the attention of the users that the audit of the financial statements has been performed in the aforesaid conditions.


Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure 1” a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. We are enclosing our report in terms of section 143(5) of the Act, on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanation given to us, in “Annexure 2” on the directions issued by the Comptroller and Auditors General of India.

3. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss including other comprehensive Income, Statement of Cash Flow and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. We have been informed that the provisions of the section 164(2) of the Act in respect of the disqualification of directors are not applicable to the Company, being a Government Company in terms of notification no. G.S.R. 463(E) dated June 5, 2015 issued by the Ministry of Corporate Affairs, Government of India.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure 3”. Our Report expressed an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

g. With respect to the other matters to be included in the Auditors’ Report in accordance with the requirements of section 197(16) of the Act, as amended:

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We are informed that the provisions of Section 197 read with Schedule V of the Act, relating to managerial remuneration are not applicable to the Company, being a Government Company, in terms of Ministry of Corporate Affairs Notification no. G.S.R. 463 (E) dated 5th June, 2015.

h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

- The Company has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note 37(A) & 39 to the financial statements;

- The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

- There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

For SARDA & PAREEK LLP

Chartered Accountants

FRN no. 109262W / W100673

Gaurav Sarda

Partner

Membership No. 110208

Place: Mumbai,

Date: May 07, 2021.

UDIN: 21110208AAAAKI4013

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ANNEXURE 1 TO THE INDEPENDENT AUDITORS’ REPORT

Annexure referred to in Independent Auditors’ Report of even date to the members of Stock Holding Corporation of India Limited on the standalone financial statements for the year ended March 31, 2021.

1. Fixed Assets

a. Maintenance of Records

- The Company has generally been maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment (PPE);

b. Physical verification

There is a regular programme of physical verification of all fixed assets, annually which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets..Thus, in our opinion and as per the information given by the Management, the discrepancies observed were not material and have been appropriately accounted in the books.

c. Title Deeds

The Title deeds of all the Immovable properties disclosed in the Financial Statements are held in the name of the Company except as mentioned in table below:

Description of the Property

Gross Carrying Value

Held in Name of Period of Holding the Property

Reason for Not being in the name of the Company & Whether the property is

under dispute

18 Flats at Tilak Nagar - 9216 Sq. Feet

110.58 Lakhs Stock Holding Corporation of India Limited

Since 01/05/1993 The Conveyance of the property is Under Process

2. Inventory

a. Physical Verification

In our opinion, physical verification of inventory has been conducted at reasonable intervals by the management. In our opinion, the coverage and procedures of physical verification of inventory followed by the management are adequate in relation to the size of the Company and the nature of its business. The Company has maintained proper records of inventory. No material discrepancies have been noticed on physical verification between physical stock and book records. In case any discrepancies have been observed they have been properly dealt with.

3. Investment Made, Loans or Advances Given.

In our opinion and according to the information and explanations given to us, the Company has not granted any loan, secured or unsecured, during the year, to any companies, firms and limited Liability Partnerships or other parties covered in register maintained in section 189 of the Companies Act, 2013.

In view of the above reporting under clause (iii) (a), (b) and (c)is not applicable.

4. Loans, Investments, Guarantees or Securities falling under Section 185 and 186 of the Companies Act.

In our opinion and according to the information and explanations given to us, the Company has not

provided any loans, investments, guarantees and security to parties covered under section 185 or 186 of the Companies Act, 2013.

In view of the above reporting under clause (iv) is not applicable.

5. Deposits Accepted

In our opinion and according to the information and explanations given to us, during the year, the company has not accepted deposits from the public in terms of the provisions of section 73 to 76 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014, as amended and other relevant provisions of the Act and no deposits are outstanding at the year end.

In view of the above reporting under clause (v) is not applicable.

6. Maintenance of Cost Records

The Central Government of India has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Act for any of the activities of the company and accordingly paragraph 3 (vi) of the order is not applicable.

7. Depositing Statutory Dues

a. According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Goods and Services Tax, Provident Fund, Employees’ State

34


Insurance, Income Tax, Customs Duty, Cess and other material statutory dues applicable to it.

b. According to the information and explanations given to us and as per the books of accounts, there are no dues outstanding of Income Tax and Goods and Service tax which have not been deposited as on 31st March 2021 by the company, on account of any dispute, except for the following:

Sr. No.

Name of

Statute

Nature of dues

Amounts Involved

(` in Lakhs)

Period to which the amount relates

(Financial Year)

Forum where

disputed is

pending

1 Income Tax Act, 1961

TDS 46.00 Various Financial Years

Demand as per Traces

8. Default in Repayment of Loan or Other Borrowings

In our opinion and according to the information and explanations given to us, the Company has no outstanding dues / has not defaulted in repayment of the loans or other borrowings or in the payment of interest thereon to any lender.

In view of the above reporting under clause (viii) (b), (c), (d), (e) and (f) is not applicable.

9. Moneys Raised

During the year the company has not raised money through initial public offer or further public offer (including debt instruments).

In view of the above reporting under clause (ix) is not applicable.

10. Fraud Reported or Noticed

As represented to us by the management and based on our examination of the books and records of the Company in accordance with the generally accepted auditing practices in India, we have neither come across any material fraud on or by the Company noticed or reported during the year nor we have been informed of any such case by the management that causes the financial statements to be materially misstated.

11. Managerial Remuneration

As informed, the provisions of Section 197 relating to managerial remuneration are not applicable to the Company, being a Government Company, in terms of MCA Notification no. G.S.R. 463 (E) dated 5th June 2015.

12. Nidhi Company

The Company is not a chit fund or a Nidhi/Mutual benefit fund/society. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company and therefore the reporting under clause (xiii) is not applicable.

13. Transaction with Related Parties

In our opinion and according to the information and explanations given to us the Company is in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements etc. as required by the applicable Indian accounting standards.

14. Preferential Allotment / Private Placement

According to the information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, reporting under clause (xiv) of the order is not applicable.

15 Non-Cash Transactions

In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding, subsidiary or associate company or persons connected with them and hence provisions of Section 192 of the Companies Act, 2013 and reporting under clause (xv) is not applicable.

16. Applicability of Section 45-IA of Reserve Bank of India Act, 1934

In our opinion and according to the information and explanations given to us, Company is not required to register under Section 45 – IA of the Reserve Bank of India Act, 1934. Hence, Clause 3 (xvi) of the Order is not applicable to the Company



FRN no. 109262W / W100673

Gaurav Sarda

Partner


Place:Mumbai

Date: May 07, 2021.


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ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT

Annexure Referred to in “Other legal and regulatory requirements” of Independent Auditors’ Report on the Standalone Financial Statements of even date to the members of 0Stock Holding Corporation of India Limited for the year ended March 31, 2021.

Sr No. Directions Action Taken Impact on Financial

Statements1 Whether the Company has a system

in place to process all the accounting transactions through the IT system? If yes, the implication on the integrity of the accounts along with the financial implications, if any, may be stated;

Yes, the Company has a system in place to process all the accounting transactions through various IT systems. Based on the verification carried out by us during the course of our audit and based on the information and explanations given to us, we have not come across any instance having significant implications on the integrity of accounts. Some Manual intervention is necessitated for the compilation. However the necessary effect for the same is passed through Core Accounting Software.

Nil

2 Whether there is any restructuring of an existing loan or cases of waiver/ write-off of debts/ loans/ interest etc. made by a lender to the company due to the Company’s inability to repay the loan? If yes, the financial impact may be stated;

There are no such cases made by a lender to the company due to its inability to repay the loan during the year

Nil

3 Whether funds received/ receivable for specific schemes from Central/ State agencies were properly accounted for/ utilized as per its term and conditions? List the cases of deviation

As per the information and explanations given to us the Company does not have any funds received/ receivable for specific schemes from Central/ State agencies.

Nil



FRN no. 109262W / W100673

Gaurav Sarda

Partner


Place: Mumbai

Place: May 07, 2021.


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ANNEXURE 3 TO THE INDEPENDENT AUDITOR’S REPORTAnnexure Referred to in Independent Auditors’ Report on the Standalone Financial Statements of Even date to the members of Stock Holding Corporation of India Limited for the year ended March 31, 2021.

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)We have audited the internal financial controls over financial reporting of Stock Holding Corporation of India Limited (“the Company”) as of March 31, 2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial ControlsThe Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s ResponsibilityOur responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting

Meaning of Internal Financial Control over Financial Reporting

A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1)Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;(3)Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.



FRN no. 109262W / W100673

Gaurav Sarda

Partner


Place: Mumbai

Date: May 07, 2021.


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CORRIGENDUM

With reference to the Independent Audit Report for the year ended March 31, 2021 sent to the members of the Company on May 7, 2021, there was a typographical error, in Emphasis of Matter Para 2 of Standalone Auditors Report, whereby the Note reference should be read as follows:

“Note no. 13 and 25 of the Standalone Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.”

Also in case of Emphasis of Matter Para “b” stated in the Consolidated Auditors Report, whereby the Note reference should be read as follows:

“Note no. 13 and 26 of the Consolidated Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.”

Further the revised Sub direction given under para 2 of Report on Other Legal and Regulatory Requirements of Standalone Independent Auditors Report should be read as follows:

Sr No.

Directions Action Taken Impact on Financial Statements

1 Whether the Company has a system in place to process all the accounting transactions through the IT system? If yes, the implication on the integrity of the accounts along with the financial implications, if any, may be stated;


Nil

2 Whether there is any restructuring of an existing loan or cases of waiver/ write-off of debts/ loans/ interest etc. made by a lender to the company due to the Company’s inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (in case, lender is a Government Company, then its direction is also applicable for Statutory Auditor of lender Company)


Nil

3 Whether funds (grants / subsidy etc.) received/ receivable for specific schemes from Central/ State Government or its agencies were properly accounted for/ utilized as per its term and conditions? List the cases of deviation


Nil

This error occurred inadvertently at the time of issuing the Final Report.All other information in the Independent Auditors Report for the financial year ended March 31, 2021 remains unchanged.Kindly take this on record.

Thanking you,

For SARDA & PAREEK LLPChartered Accountants,FRN No. 109262W / W100673

Gaurav SardaPartnerMembership No. 110208

Mumbai,August 03, 2021.

Encl: Relevant Pages of the Independent Auditors Report for the year ended March 31, 2021.

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IN STANDALONE INDEPENDENT AUDITORS’ REPORT

2. Note no. 13 and 25 of the Standalone Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.


Key Audit Matters


IN CONSOLIDATED INDEPENDENT AUDITORS’ REPORT

Honourable Supreme Court. As per the legal opinion obtained by the Management, no provision has been recognised in the Statement of Profit and Loss.

B. Note no. 13 and 26 of the Consolidated Ind AS Financial Statements related to non receipt of Direct confirmation in certain cases of receivables and payables.

In respect of Subsidiary “Stock holding Document Management Subsidiary” the statutory auditors has given below matter of emphasis:

a. We draw attention to Note 60 of the Consolidated Ind AS Financial Statements regarding Company’s liability to the third parties due to the fire occurred at Company’s Premises.

b. We draw attention to Note 65 of the Financial Statements regarding impact of COVID-19 pandemic. The situation continues to be uncertain and the Company is evaluating the situation on an ongoing basis with respect to the challenges faced.

Our opinion is not modified in respect to the above matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the standalone financial statements of the year ended 31st March, 2021. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, as we do not provide a separate opinion on these matters.

The table below describes the key audit matters, a summary of our procedures carried out and our key observations that we communicated to the Audit Committee.

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COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF STOCK HOLDING CORPORATION OF INDIA LIMITED FOR THE YEAR ENDED 31 MARCH 2021

The preparation of financial Statements of Stock Holding Corporation of India Limited for the year ended 31 March 2021 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the management of the Company. The Statutory Auditor appointed by the Comptroller and Auditor General of India under section 139(5) of the Act is responsible for expressing opinion on the financial statements under section 143 of the Act based on independent audit in accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated May 07, 2021.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the financial statements of Stock Holding Corporation of India Limited for the year ended 31 March 2021 under section 143(6)(a) of the Act. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which would give rise to any comment upon or supplement to statutory auditors’ report under section 143(6)(b) of the Act.

For and on the behalf of theComptroller & Auditor General of India

(P. V. Hari Krishna)Principal Director of Audit (Shipping), Mumbai

Place : MumbaiDate : August 09, 2021

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As per our report of even dateFor and on behalf of For and on behalf of the BoardSarda & PareekChartered AccountantsFirm Registration No: 109262W

Gaurav Sarda Shashikant Nayak Jagdish Thakur Ramesh N.G.S.Partner Company Secretary Chief Financial Officer Managing Director & CEOMembership No : 110208 FCS 7061 Senior Vice President DIN 06932731

Ashok Kumar MotwaniPlace : Mumbai DirectorDate : May 7, 2021 DIN No: 00088225

BALANCE SHEET AS AT MARCH 31, 2021

(` In Lakhs) Particulars Note As at

March 31, 2021 As at

March 31, 2020ASSETSI. Non Current Assets

a) Property, Plant and Equipment 4 10,639 11,132 b) Right of use Lease Assets 5 1,993 1,962 c) Capital Work-In-Progress 889 428 d) Other Intangible Assets 6 56 152 e) Financial Assets

(i) Investments 7 2,65,096 2,09,548 (ii) Loans 8 7,915 13,188 (iii) Other Financial Assets 9 48,328 32,241

f) Non Current Tax Assets (net) 10 2,961 6,534 g) Other Non-current Assets 11 204 222

Total Non Current Assets 3,38,081 2,75,407 II. Current Assets

a) InventoriesStock in Trade/Stock In Transit 2 -

b) Financial Assets(i) Investments 12 1,182 3,556 (ii) Trade Receivables 13 5,409 4,892 (iii) Cash and Cash Equivalent 14 44,518 27,706 (iv) Bank balances other than (iii) above 15 7,822 3,923 (v) Loans 16 3,828 1,639 (vi) Other Financial Assets 17 1,15,403 65,894

c) Other Current Assets 18 1,933 1,888 Total Current Assets 1,80,097 1,09,498

TOTAL ASSETS 5,18,178 3,84,905 EQUITY AND LIABILITIES I. EQUITY

a) Equity Share Capital 19 2,105 2,105 b) Other Equity 2,66,315 2,21,457

Total Equity 2,68,420 2,23,562 LIABILITIES

II. Non-Current Liabilitiesa) Financial Liabilities

Right of Use Lease Liabilities 20 1,357 1,261 b) Provisions 21 3,544 3,332 c) Deferred Tax Liabilities (net) 22 55,939 43,232 d) Other Non-Current Liabilities 23 2,275 2,189

Total Non-Current Liabilities 63,115 50,014 III. Current Liabilities

a) Financial Liabilities(i) Right of Use Lease Liabilities 24 869 930 (ii) Trade and Other Payables 25 27,766 20,817 (iii) Other Financial Liabilities 26 1,26,908 68,678

b) Other Current Liabilities 27 30,726 20,427 c) Provisions 28 374 477

Total Current Liabilities 1,86,643 1,11,329 TOTAL EQUITY AND LIABILITIES 5,18,178 3,84,905 See accompanying notes to Financial Statement 1 to 59

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(` In Lakhs) Particulars Note Year ended

March 31, 2021Year ended

March 31, 2020I. INCOME:

Revenue from Operations 29 37,429 30,570 Other Income 30 8,586 9,090 TOTAL INCOME 46,015 39,660

II. EXPENSES:Cost of Goods Sold 2,140 1,328 Purchase of Stock-in-Trade 2 - Change in Stock-in-Trade (2) - Employee Benefits Expense 31 15,324 13,282 Finance Costs 32 238 216 Depreciation and Amortisation Expense 4 & 6 1,312 1,722 Depreciation on Right of Use Lease Assets 5 1,072 1,041 Other Expenses 33 17,298 17,585 TOTAL EXPENSES 37,384 35,174

III. PROFIT BEFORE TAX (I - II) 8,631 4,486 IV TAX EXPENSE

- Current Tax 1,096 - - Deferred Tax 651 401

1,747 401 V PROFIT FOR THE YEAR ENDED (III - IV) 6,884 4,085

VI OTHER COMPREHENSIVE INCOME (OCI)OCI items not reclassified to Profit and Loss in subsequent periods:Remeasurement of net Defined Benefit Liability 21 (367)Fair value movement equity instruments designated at FVOCI 51,456 (8,967)Income tax relating to items not reclassified to profit and loss in subsequent periods

(12,054) 1,642

Net OCI items not reclassified to profit and loss in subsequent periods

39,423 (7,692)

VII TOTAL COMPREHENSIVE INCOME FOR THE YEAR ENDED (V - VI) 46,307 (3,607)Total comprehensive income for the period / year attributable to:Non-controlling interest 21,829 (1,701)Owners of the parent 24,478 (1,906)

VIII Earnings per Equity Share (for continuing operations) Refer Note 46Nominal value per share : ` 10(1) Basic 32.70 19.40 (2) Diluted 32.70 19.40 See accompanying notes to Financial Statement 1 to 59

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2021




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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2021

A Equity Share Capital

(` In Lakhs) Particulars Balance at the

beginning of the reporting date

Chages in equity share capital

during the year

Balance at the end of the reporting

dateBalance as at March 31, 2020 2,105 - 2,105 Balance as at March 31, 2021 2,105 - 2,105

B Other Equity

(` In Lakhs) Particulars Retained

EarningsSecurities Premium

Fair value movement

equity instruments designated

at FVOCI

General Reserve

Contingency Reserve*

Total

Balance as at April 01, 2019 1,14,957 527 92,559 16,844 1,160 2,26,047 Transition impact on implementation of Ind AS 116 (138) - (138)Retained Earnings - Transferred from P&L 4,085 - - - - 4,085 Interim Dividend (Dividend per share ` 2.90) (611) - - - - (611)Final Dividend (Dividend per share ` 0.60) (126) - - - - (126)Dividend Distribution Tax (108) - - - - (108)Transfer to General Reserve (331) - - 331 - - Defined Benefit Employee Cost (367) - - - - (367)Tax Impact 92 - 1,550 - - 1,642 Fair value movement equity instruments designated at FVOCI

- - (8,967) - - (8,967)

Transfer to Contingency Reserve (1,190) - - - 1,190 - Closing Balance as at March 31, 2020 1,16,263 527 85,142 17,175 2,350 2,21,457


EarningsSecurities Premium

Fair value movement


at FVOCI

General Reserve


Total

Balance as at April 01, 2020 1,16,263 527 85,142 17,175 2,350 2,21,457 Retained Earnings - Transferred from P&L 6,884 - - - - 6,884 Interim Dividend (Dividend per share ` 5.10) (1,074) - - - - (1,074)Final Dividend (Dividend per share ` 2.10) (442) - - - - (442)Provision for Tax on Distributed Profit 67 - - - - 67 Transfer To OCI (5) - 5 - - Transfer to General Reserve (409) - - 409 - - Defined Benefit Employee Cost 21 - - - - 21 Tax Impact (5) - (12,049) - - (12,054)Fair value movement equity instruments designated at FVOCI

- - 51,456 - - 51,456

Transfer to Contingency Reserve (1,380) - - - 1,380 - Closing Balance as at March 31, 2021 1,19,920 527 1,24,554 17,584 3,730 2,66,315

* This reserve is set aside for any contingencies which may arise in future




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CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

(` In Lakhs) Particulars Year ended


March 31, 2020A CASH FLOW FROM OPERATING ACTIVITIES

Profit before Tax 8,631 4,486 Adjusted for :Depreciation 1,312 1,722 (Profit) /Loss on sale of investments 28 1 (Profit)/Loss on sale of fixed assets 3 63 (Profit)/Loss from trading in securities - - Dividend Income (3,158) (4,168)Interest Income (4,719) (3,976)Interest paid 10 - Finance Cost 8 60 Ind AS adjustments-Others (130) (492)Bad debts written off 213 607 Depreciation on Right of Use Lease Assets 1,072 1,041 Interest on Right of Use Lease Liability 228 216 Lease payments (1,255) (1,212)Provision for doubtful debts / (written back) (155) (102)Sundry balances written back (86) (289)Operating Profit before working capital changes 2,002 (2,043)

Changes in working capitalAdjustments for (increase) / decrease in operating assets :(Increase)/ Decrease in trade receivables (562) (1,702)(Increase)/ Decrease in stock in trade - - (Increase)/ Decrease in loans and advances 11,601 (4,664)(Increase)/ Decrease in other current assets (18) (246)Adjustments for increase / (decrease) in operating liabilities :Increase/ (Decrease) in trade payables 7,034 8,342 Increase/ (Decrease) in provisions 212 (478)Increase/ (Decrease) in other current liabilities 10,299 4,870 Increase/ (Decrease) in long term liabilities 86 105 Cash generated from operations 30,654 4,184 Direct Taxes (paid)/ refund received (net) 2,477 (1,879)NET CASH FROM / (USED IN) OPERATING ACTIVITIES 33,131 2,305

B CASH FLOW FROM INVESTING ACTIVITIESCapital expenditure on fixed assets including capital advances (1,419) (2,096)Proceeds from sale of fixed assets 30 23 Purchase of Investments (3,682) (3,943)Proceeds from sale of investments 3,935 6,599 Dividend Distribution Tax 67 Investments in subsidiary companies (2,500) - ICD/NCD proceeds on maturities 1,000 500 Bank deposits not considered as cash and cash equivalents :- Matured (net) (23,572) (1,959)Fixed deposit placed with companies 3,710 - Decrease/ (Increase) in earmarked bank balances * * Interest received 4,480 3,578 Dividend received 3,158 4,168 NET CASH FROM / (USED IN) INVESTING ACTIVITIES (14,793) 6,870

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CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021



March 31, 2020C CASH FLOW FROM FINANCING ACTIVITIES

Interest paid (10) - Dividend paid (1,516) (737)Tax on Distributed Profit - (108)NET CASH FROM/ (USED IN) FINANCING ACTIVITIES (1,526) (845)

NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS 16,812 8,330

Cash and cash equivalents (Opening Balance) 27,706 19,376

Cash and cash equivalents (Closing Balance) 44,518 27,706

Notes :(1) Cash and Cash equivalents

Balances with Banks 28,133 27,644 Cash and cheques on hand 435 62 Money lent on CBLO Transactions 15,950 -

Cash & Cash Equivalents considered for Cash flow 44,518 27,706

(2) Other Bank Balances 7,822 3,923

Cash and Bank Balances as per note 14 & 15 52,340 31,629 Notes

i) The Company's bankers have sanctioned total fund-based limits of ` 40,000 lakhs (March 31, 2020 - ` 10,000 lakhs) to finance working capital requirements. The limit of ` NIL (March 31, 2020- ` Nil) were utilised as on March 31,2021

ii) The above cash flow statement has been prepared under the "Indirect Method" as set out in the Ind AS-7 on "Statement of Cash Flows".

ii) * Denotes amounts less than ` 1 lakh




NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021

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These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. Corporate Information

Stock Holding Corporation of India Ltd. (SHCIL or Company) was promoted by the public financial institutions and incorporated as a limited company on July 28, 1986. It’s registered office and principal place of business is 301, Centre Point, Dr. Babasaheb.Ambedkar Road, Parel, Mumbai, India.

The financial statements of the Company have been prepared in accordance with Ind-AS as issued by the Ministry of Corporate Affairs (MCA).

SHCIL provides custodial and depository participant services, E-Stamping, professional clearing member services and other services. It provides services to institutional investors, banks, mutual funds and retail investors. SHCIL also acts as a central record keeping agency for collection and payment of non-judicial stamp duty in various states of India.

CIN: U67190MH1986GOI040506

2. Significant Accounting Policies

2.1. Basis of Preparation

The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 and relevant rules as applicable and other relevant provisions of the Act.

The financial statements have been prepared using the carrying cost basis except for certain assets and liabilities where fair value model has been used for

i) Derivative financial instruments

ii) Certain financial assets and liabilities measured at fair value (Refer Note No- 34)

Accordingly, the Company has prepared financial statements which comply with Ind-AS applicable for the year ended March 31, 2021 together with the comparative data for the year ended March 31, 2020 as described in the summary of significant accounting policies.

The financial statements are presented in Indian National Rupees (INR) and all values are rounded to the nearest lakhs, except when otherwise indicated.

2.2. Foreign Currency Translation

Functional and Presentation Currency

The financial statements are presented in INR, which is also the functional currency for the Company.

Foreign Currency transactions and Balances

i) Transactions denominated in foreign currency are normally recorded at the exchange rate prevailing at the date of transaction

ii) Any income or expenses on account of exchange difference either on settlement or on translation is recognised in the Statement of Profit and Loss

iii) Monetary items denominated in foreign currencies as at the balance sheet date are restated at the balance sheet date rates

iv) Non-monetary items denominated in foreign currencies are carried at cost

2.3. Revenue

Revenue arises from the sale of goods and the rendering of services. It is measured at the fair value of consideration received or receivable, excluding Goods and Services Tax and reduced by trade discounts allowed.

The Company applies the revenue recognition criteria set out below to each separately identifiable component of the sales transaction. The consideration received from these multiple-component transactions is allocated to each separately identifiable component in proportion to its relative fair value.

(a) Sale of Goods

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer (net of Goods and Services Tax, sales returns and trade discount).

(b) Rendering of Services

Custodial fees are accrued monthly on the basis of daily / weekly average holdings in custody or the net asset value of holding/assets under management in the electronic segment.

Service charges received are recognised as income on completion of post-trading operations. A post trading operation is treated as complete on settlement under the electronic segment and on lodgement/ delivery of securities under the paper segment.

Annual maintenance charges received from beneficiary account holders / clearing members for depository services are amortised on time proportion basis over the period of contract.

Commission and brokerage income recognised on accrual basis.

Commission income on initial public offer (IPO), follow on public offer (FPO) and interest on delayed payment are being booked on receipt basis.


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(c) Interest and Dividends

Interest income, for all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate to the net carrying amount of the financial asset. Interest income is included in other income in the statement of profit and loss.

Dividend income is recognised when the right to receive dividend is established.

(d) Lease Income

Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit and loss due to its operating nature unless another systematic basis is more representative of the time pattern of the user’s benefit.

2.4. Property, Plant and Equipment

Items of Property, Plant and Equipment (PP&E) are stated at cost of acquisition less accumulated depreciation and accumulated impairment losses, if any. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.

Depreciation on PP&E is charged under the straight line method over the useful life of the assets as specified in Schedule II to the Companies Act, 2013 except for the below tabulated class of assets:

Asset Class Useful Life

adopted

Useful Life as per Companies

Act, 2013Computer servers and networks

4 years 6 years

Office Equipment – Mobiles

2 years 5 years

Vehicles 3 years 8 years

Building – Other than Mahape Building

58 years 60 years

SHCIL Mahape Building

63 years 60 years

The Company, based on technical assessment made by technical expert and management estimate, depreciates the assets over estimated useful lives.

The leasehold land will be depreciated over the period of lease.

An item of PP&E and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss when the asset is derecognised.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Depreciation is charged on a pro rata basis from the month of acquisition in case of addition and upto the previous month in case of sale/disposal.

In case of addition to the existing asset, where new asset purchased can be used only along with the existing asset, the depreciation will be calculated by taking into account the balance useful life of the existing asset from the month of acquisition of the new asset.

Capital Work-in-Progress

All directly attributable expenditure, including interest cost during the asset construction period, which are necessary to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management as at the balance sheet date are accumulated and presented as Capital Work-In-Progress. Assets under construction are not depreciated.

2.5. Intangible Assets

(a) Initial Recognition of Other Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost.

Computer software which forms an integral part of the related hardware is capitalised along with the hardware as fixed asset. Software which are not an integral part of computer hardware and from which future economic benefits are expected are treated as intangible assets.

Software developed internally is recognised as an asset at cost when significant economic benefits are expected to accrue in future. Cost comprises all expenditure that can be directly attributed for creation, production and making the software ready for its intended use and excludes any tax for which input credit is taken.

(b) Subsequent Measurement

All finite-lived intangible assets, are accounted for using the cost model whereby capitalised


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costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing. The following useful lives are applied:

Asset Useful life

Software 3 years

Amortisation has been included within ‘depreciation and amortisation expense’.

Subsequent expenditures on the maintenance of intangible assets are expensed as incurred.

When an intangible asset is disposed off, the gain or loss on disposal is determined as the difference between the proceeds and the carrying amount of the asset, and is recognised in profit or loss within other income or other expenses.

2.6. Lease Assets

A right-of-use asset representing the right to use the underlying asset and a lease liability representing the obligation to make lease payments is recognized for all leases over 1 year on initial recognition basis. Discounted committed & expected future cash flows and depreciation on the asset portion on straight-line basis & interest on liability portion (net of lease payments) on EIR basis is recognised over the expected lease term. No right-of-use asset is created for short term leases (i.e. lease term less than 1 year) and leases of low value items (i.e. lease of asset with original cost of less than Rs.1 lakh)

2.7. Leases

Company as a Lessee

Finance Leases

Management applies judgment in considering the substance of a lease agreement and whether it transfers substantially all the risks and rewards incidental to ownership of the leased asset. Key factors considered include the length of the lease term in relation to the economic life of the asset, the present value of the minimum lease payments in relation to the asset’s fair value, and whether the Company obtains ownership of the asset at the end of the lease term.

The interest element of lease payments is charged to profit or loss, as finance costs over the period of the lease.

Operating Leases

Operating lease payments are recognized as an expense in the statement of profit and loss on a straight line basis over the lease term except where

another systematic basis is more representative of time pattern in which economic benefits from the leased assets are consumed.

Company as a Lessor

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

The company has adopted Ind-AS 116 “Leases” and applied to lease contracts existing on April 01, 2019 by electing the Modified Retrospective option (Para 5 (b) of the Application guidance of this standard) and has taken the cumulative adjustment to retained earnings, on the date of initial application.

2.8. Impairment of Assets

The company reviews the carrying values of tangible and intangible assets for any possible impairment annually. An impairment loss is recognized in the statement of profit and loss when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the assets net of selling price or value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value based on appropriate discount rate. If at the balance sheet date there is any indication that a previously assessed impaired loss no longer exists, then such loss is reversed and the asset is restated to that extent.

For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level.

Cash-generating units (determined by the company’s management as equivalent to its operating segments) are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset’s (or cash-generating units) carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. Discount factors are determined


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individually for each cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors.

2.9. Financial Instruments

Recognition, Initial Measurement and De-recognition

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Initial Recognition and Measurement

All financial assets are recognised initially at fair value. Financial assets not recorded at fair value through profit or loss are recognised at fair value plus transaction costs that are attributable to the acquisition of the financial asset.

Subsequent Measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

• Debt instruments at amortised cost

• Debt instruments at fair value through other comprehensive income (FVOCI)

• Equity instruments measured at fair value through other comprehensive income (FVOCI)

• Derivatives and equity instruments at fair value through profit or loss (FVTPL)

Debt Instruments at Amortised Cost

A ‘Debt Instrument’ is measured at the amortised cost if both the following conditions are met:

(a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company and is generally applied to trade and other receivables. After initial measurement, such financial assets are

subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.

Debt Instrument at FVOCI

A ‘Debt Instrument’ is classified as at the FVOCI if both of the following criteria are met:

(a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

(b) The asset’s contractual cash flows represent SPPI.

Debt Instruments included within the FVOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the OCI. However, the Company recognizes interest income (recognised using the EIR method), impairment losses & reversals and foreign exchange gain or loss in the P&L. On de-recognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to P&L.

Equity Investments at FVOCI

The Company measures all equity investments at fair value. Where the Company’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognised in profit or loss as other income when the Company’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

Derivatives and Equity Investments at FVTPL

Changes in the fair value of Derivatives and Equity investments at fair value through profit or loss are recognised in other gain/ (losses) in the statement of profit and loss.

De-recognition

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash flows from the financial asset or

• Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.


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Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.

Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset.

Debt Instrument at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL.

In addition, the Company may at initial recognition elect to classify a debt instrument, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL, if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’).

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

Impairment of Financial Assets

The Company assess impairment based on Expected Credit Losses (ECL) model for the following:

• Financial assets measured at amortised cost

• Financial assets that are debt instruments measured at fair value through other comprehensive income (FVTOCI)

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:

• Trade receivables or contract revenue receivables; and

• All lease receivables

Under the simplified approach, the Company does not require to track changes in credit risk. Rather, it recognises impairment loss allowance based on life time ECLs at each reporting date, right from its initial recognition.

The Company uses a provision matrix to determine impairment loss allowance on the portfolio of trade

receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-months ECL is used to provide for impairment loss. However, if credit risk has increased significantly, life time ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the Company reverts to recognising impairment loss allowance based on 12-months ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss (P&L).

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis.

ECL is presented as a provision in the Balance Sheet, i.e. as a liability

Fair Value Measurement

Financial instruments, such as, derivatives, equity investments, etc. are measured at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.


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The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

2.10. Equity investments in subsidiaries, JVs and associates

Investments in subsidiaries, joint ventures and associates are accounted for at cost in the financial statements and the same are tested for impairment in case of any indication of impairment.

Financial Liabilities


Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.


The measurement of financial liabilities depends on their classification, as described below:

Financial Liabilities at Fair Value through Profit or Loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. The Company has classified derivative financial instruments and guarantees as fair value through profit or loss.

Gains or losses on such liabilities are recognised in the profit or loss. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income.

Offsetting of Financial Instruments

Financial Assets and Financial Liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

Derivative Instrument- Initial recognition / subsequent measurement

The Company uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward commodity contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Loans and Borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate (‘EIR’) method.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.


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This category generally applies to interest-bearing loans and borrowings.

Financial Guarantee Contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind-AS 109 and the amount recognised less cumulative amortisation.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

2.11. Income Taxes

Tax on income for the current period is determined on the basis of estimated tax income and tax credit computed in accordance with the provision of relevant tax laws and on the expected outcomes of assessments/appeals.

Current income tax relating to items recognised directly in equity, shall be recognised in equity and not in the statement of profit and loss. Management periodically evaluates position taken in tax returns with respect to situation in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Tax expense for the Year, comprising current tax and deferred tax, are included in the determination of the net profit or loss for the Year. Provision for current income tax is made on the basis of the assessable income under the Income tax Act, 1961.

Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive income or directly in equity.

Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method.

Deferred Tax

Deferred tax assets are recognised to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. This is assessed based on the Company’s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.

Deferred tax liabilities are generally recognised in full, although Ind-AS 12 ‘Income Taxes’ specifies limited exemptions. As a result of these exemptions the Company does not recognise deferred tax on temporary differences relating to its investments in subsidiaries.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity).

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

2.12. Inventories

Inventories are carried in financial statements lower, cost or net realisable value.

2.13. Cash and Cash Equivalents

Cash and cash equivalents includes balance with banks, deposit accounts with less than three months maturity, cash & cheques in hand, short term highly liquid investments and money lent on collateralised lending & borrowing obligation transactions.

2.14. Post-employment Benefits and Short-term Employee Benefits

Post-employment Benefit Plans

The Company provides post-employment benefits through various defined contribution and defined benefit plans.

Other Long Term Benefits

Obligations on other long term employee benefits viz leave encashment are provided using the projected


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unit credit method of actuarial valuation made at the end of the year.

Defined Contribution Plans

Employee Benefits in the form of Provident Fund and Superannuation Fund are considered as defined contribution plans and the contributions are charged to the Statement of Profit and Loss of the Year when the respective contributions are due.

Defined Benefit Plans

Retirement Benefit in the form of gratuity is considered as defined benefit obligation (DBO) and is provided for on the basis of an actuarial valuation using the projected unit credit method, as at the date of the balance sheet. Actuarial gain or losses if any are immediately recognised in the statement of Profit & Loss.

Management estimates the DBO annually with the assistance of independent actuaries. This is based on standard rates of inflation, salary growth rate and mortality. Discount factors are determined close to each year-end by reference to government or high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.

Service cost on the Company’s defined benefit plan is included in employee benefits expense. Employee contributions, all of which are independent of the number of years of service, are treated as a reduction of service cost. Net interest expense on the net defined benefit liability is included in finance costs. Gains and losses resulting from re-measurements of the net defined benefit liability are included in other comprehensive income.

Short-term Employee Benefits

Short-term employee benefits, including holiday entitlement, are current liabilities included in pension and other employee obligations, measured at the undiscounted amount that the Company expects to pay as a result of the unused entitlement.

2.15. Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and as realisable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate

that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to passage of time is recognised as a finance cost.

2.16. Contingent Liabilities and Commitments

Contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events. Contingent liability is not recognised as it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured reliably. Contingent Liabilities are not recognised but are disclosed in the financial statements. Commitment includes amount of purchase order (net off advances) issued to parties for computation of assets.

Show-cause Notices issued by various Government Authorities are not considered as Obligation. When the demand notices are raised against such show cause notices and are disputed by the Company, these are classified as disputed obligation

2.17. Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. A contingent asset is not recognised however disclosed in the financial statements.

2.18. Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period/year attributable to equity shareholders by the weighted average number of equity shares outstanding during the period/year. For the purpose of calculating diluted earnings per share, the net profit or loss for the period/year attributable to equity shareholders and the weighted average number of shares outstanding during the period/year is adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

3. Significant Accounting Estimates and Assumptions

When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.


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The following are significant management estimates in applying the accounting policies of the Company that have the most significant effect on the financial statements.

Recognition of Deferred Tax Assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions. (Refer Note No - 22)

Useful lives of Depreciable Assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment. (Refer Note No – 2.4)

Impairment of Non-financial Assets

The company assess annually at the Financial Year end whether there is an indication that an asset maybe impaired. If any indication exists, or when annual impairment testing is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s (Cash Generating Unit) fair value less costs of disposal or its value in use. It is determined for an individual asset, unless the assets dose not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an asset or CGU exceeds its

recoverable amount, the asset is considered impaired and is written down to its recoverable value.

In assessing value in use, the estimated future cash flow is discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples or other available fair value indicators.

Defined Benefit Obligation (DBO)

Management’s estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses. (Refer Note - 42)


Management uses valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date (Refer Note No - 34).


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4 Property, Plant and Equipment

Following are the changes in the carrying value of Property, Plant and Equipment for the year ended March 31, 2021 :

(` In Lakhs)

Particulars Leasehold Land

Buildings * Plant and Machinery

Computers Furniture and

Fixtures

Office Equipment

Vehicles Total

Gross carrying value as at April 01, 2020

128 9,281 2,481 3,786 1,358 790 405 18,229

Additions - 358 50 256 29 49 - 742

Deletions - - 3 12 2 6 51 74

Gross carrying value as at March 31, 2021

128 9,639 2,528 4,030 1,385 833 354 18,897

Accumulated depreciation as at April 01, 2020

9 900 1,531 2,731 1,083 570 273 7,097

Depreciation 1 173 161 640 72 94 61 1,202

Accumulated depreciation on deletions

- - 2 9 2 5 23 41

Accumulated depreciation as at March 31, 2021

10 1,073 1,690 3,362 1,153 659 311 8,258

Carrying Value as at March 31, 2021

118 8,566 838 668 232 174 43 10,639


119 8,381 950 1,055 275 220 132 11,132

Notes:

* 1. Buildings includes ` 408/- being the cost of 8 shares held in a Co-op Housing society.

2. There are no adjustments to Gross block on account of foreign exchange fluctuations or borrowing costs

3. Since the premises given on lease is a small portion of the Company's office building, separate carrying amount and accumulated depreciation of the premises given on lease is not available.

5 Right of use Lease Assets

Following are the changes in the carrying value of Right of use Lease Assets for the year ended March 31, 2021 :

(` In Lakhs)

Particulars Right of use Lease Assets

Total

Gross carrying value as at April 01, 2020 3,004 3,004

Additions 1,103 1,103

Deletions - -

Gross carrying value as at March 31, 2021 4,107 4,107

Accumulated depreciation as at April 01, 2020 1,042 1,042

Depreciation 1,072 1,072

Accumulated depreciation on deletions - -

Accumulated depreciation as at March 31, 2021 2,114 2,114

Carrying Value as at March 31, 2021 1,993 1,993



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6 Other Intangible Assets

The changes in the carrying value of Other Intangible Assets for the year ended March 31, 2021 are as follows:

(` In Lakhs) Particulars Computer

Software Total

Gross carrying value as at April 01, 2020 997 997 Additions 14 14 Deletions - - Gross carrying value as at March 31, 2021 1,011 1,011

Accumulated depreciation as at April 01, 2020 845 845 Depreciation 110 110 Accumulated depreciation on deletions - - Accumulated depreciation as at March 31, 2021 955 955

Carrying Value as at March 31, 2021 56 56 Carrying Value as at March 31, 2020 152 152

7 Non- Current Investments (` In Lakhs)

Particulars Face Value (`)

As at March 31, 2021

As at March 31,2020

Equity Shares (Trade - Fully paid-up)

Investment in Subsidiary Companies - Unquoted

5,57,50,000 (March 31, 2020 - 5,57,50,000) Stockholding Document Management Services Ltd.

10 6,860 6,860

60,89,701 (March 31, 2020 - 60,89,701) SHCIL Services Ltd.*** 10 1,713 1,713

1,50,00,000 (March 31, 2020 - 1,50,00,000) Stock Holding Securities IFSC Limited

10 1,500 1,500

10,073 10,073

Other Companies - Unquoted

2,20,00,000 (March 31, 2020 - 2,20,00,000) National Stock Exchange of India Ltd.

1 2,42,999 1,91,662

2,42,999 1,91,662

Non Convertible Debentures

Subsidiary Companies - Unquoted

50,000 (March 31, 2020 - 1,00,000) 9.50% Stockholding Document Management Services Ltd.

1,000 488 957

Fully Convertible Debentures


2,50,000 (March 31, 2020 - Nil) 9.50% Stockholding Document Management Services Ltd.

1,000 2,500 -

Non Trade - Fully Paid - at Cost

Equity Shares (Non trade - Fully paid-up)

Quoted

43,500 (March 31, 2020 - 43,500) BSE Ltd. 2 248 129

- (March 31, 2020 - 1326) Repco Home Finance 10 - 2

248 131


56




As at March 31,2020

Government SecuritiesQuoted

- (March 31, 2020 - 47,000) 10.25% GS 2021 100 - 50 15,00,000 (March 31, 2020 - Nil) 8.15% GOVT STOCK 2022** 100 1,636 - 10,00,000 (March 31, 2020 - Nil) 6.45% GOVT STOCK 2029** 100 1,074 -

- (March 31, 2020 - 5,00,000) 6.97% GOVT STOCK 2026

100 - 506

2,710 556 Tax Free Secured Redeemable Non Convertible BondsQuoted 100 (March 31, 2020 - 100) 7.21% Indian Railway

Finance Corporation Ltd.2022 10,00,000 1,033 1,033

50,000 (March 31, 2020 - 50,000) 8.01% Rural Electrification Corporation Ltd.2023

1,000 513 513

50,000 (March 31, 2020 - 50,000) 8.14% Housing and Urban Development Corporation Ltd 2023

1,000 518 518

16,105 (March 31, 2020 - 16,105) 8.18% NHPC Limited 2023

1,000 174 174

15,832 (March 31, 2020 - 15,832) 8.41% NTPC Limited 2023

1,000 162 162

6,384 (March 31, 2020 - 6,384) 8.25% National Housing Bank 2024

5,000 320 320

250 (March 31, 2020 - 250) 8.39% IFCI Ltd 2024 10,00,000 2,500 2,500 32,389 (March 31, 2020 - 32,389) 8.18% Power Finance

Corporation Ltd 2023 1,000 334 334

5,554 5,554 Non Convertible DebentureQuoted 1,975 (March 31, 2020 - 1,975) 8.49% NTPC Ltd 2025 12.5 * *

* * Mutual FundsQuoted22400 (March 31, 2020 - Nil ) Nippon India Mutual Fund

ETF Gold BeES100 9 -

9 - Unquoted - (March 31, 2020 - 50,00,000) Invesco India FMP

Sr. 30 Plan A (1223 Days) - Direct Sub Plan 10 - 596

87,939 (March 31, 2020 - 87,939) Franklin Low Duration Fund -Direct

50 8 19

50,00,000 (March 31,2020 - Nil) Aditya Birla SunLife Floating Rate Fund- Growth Direct Plan

10 507 -

515 615 TOTAL 2,65,096 2,09,548

Aggregate amount of quoted investments 8,521 6,241

Market value of quoted investments 8,909 6,608

Aggregate amount of unquoted investments 2,56,575 2,03,307

* Denotes amount less than ` 1 lakh

** Security deposited as margin with CCIL

*** pursuant to the Mumbai High Court Order dated October 3, 2011 and the Memorandum of Understanding executed between the parties, 3,30,000 equity shares of SHCIL Services Ltd are transferred in favour of SHCIL and the certificates for the same are handed over to CBI


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(` In Lakhs)

Particulars As at March 31, 2021


Financial Assets

8 Non-current Loans

Staff loans - considered good 57 72

Staff loans - considered doubtful 2 2

Less: Provision for staff loans (2) (2)

Security and other deposits - considered good 7,858 13,116

7,915 13,188

9 Other Non-current Financial Assets

Long Term deposits with banks with original maturity period more than 12 months *

48,328 28,531

Fixed deposits with companies - 3,710

48,328 32,241

* Fixed deposits with banks aggregating to ` 11611 lakhs (As at March 31, 2020 - ` 10059 lakhs) against which lien has been marked by the banks as security for guarantees issued on behalf of the Company. It also includes fixed deposits with banks aggregating to ` 32771 lakhs (As at March 31, 2020 - ` 16641 lakhs) deposited with the Stock Exchanges and State Governments as margin deposit. ` 5 lakhs is lien with VAT authorities (As at March 31, 2020 - ` 5 lakhs)

10 Non-current Tax Assets (net)

Advance tax 2,961 6,534

(net of provision for taxation ` 34347 lakhs, (March 31, 2020 ` 30290 lakhs)

2,961 6,534

11 Other Non-current Assets

Capital Advances 71 62

Prepayments 133 160

204 222


58


12 Current Investments

(` In Lakhs)



As at March 31,2020

Non Convertible Debentures


50,000 (March 31, 2020 - 50,000) 9.50% Stockholding Document Management Services Ltd.

1,000 500 516

500 516

Current portion of long-term investments

Government Securities

Quoted

- (March 31, 2020 - 25,000) 11.60% GS 2020 100 - 26

- (March 31, 2020 - 20,00,000) 364 DTB (04-JUN-2020) 2020

100 - 1,980

- (March 31, 2020 - 1,000) 10.70% G.S. 2019 100 - 1

- (March 31, 2020 - 10,00,000) 6.65% G.S. 2020 100 - 1,033

47,000 (March 31, 2020 - Nil) 10.25% GS 2021** 100 49 -

49 3,040

Mutual Funds Liquid Investment

Unquoted

50,00,000 (March 31, 2020 - 50,00,000) Invesco India FMP Sr. 30 Plan A (1223 Days) - Direct Sub Plan

1,000 633 -

633 -

1,182 3,556

Aggregate amount of quoted investments 49 3,040

Market value of quoted investments 48 3,006

Aggregate amount of unquoted investments 1,133 516

** security deposited as margin with CCIL

(` In Lakhs)



Financial Assets - Current

13 Trade Receivables

Trade Receivables considered good - Unsecured 5,464 4,941

Trade Receivables which have significant increase in Credit Risk 902 1,075

6,366 6,016

Less: Allowance for doubtful debts (902) (1,075)

5,464 4,941

Less: Expected Credit Loss on Trade Receivables (55) (49)

5,409 4,892


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(` In Lakhs) Particulars As at


March 31, 202014 Cash and Cash equivalents

Balances with banks - In current accounts 28,133 27,644 Cheques in hand 16 - Cash and stamps in hand 419 62 Money lend on CBLO transactions 15,950 -

44,518 27,706

15 Bank balances other than Cash and Cash equivalentsBank deposit accounts (more than 3 months but less than 12 months maturity) *

6,366 3,921

Balances with banks - In deposit accounts with original maturity less than 3 months

1,454 -

Earmarked balances with banks 2 2 7,822 3,923

*Other Bank Balances in deposit accounts includes fixed deposits with banks aggregating to ` 1156 lakhs (As at March 31, 2020 - 1212 lakhs) against which lien has been marked by the banks as security for guarantees issued on behalf of the Company. ` 46 lakhs (As on March 31, 2020 - Nil lakhs) has been kept as Margins wtih Exchanges.

16 Loans(Unsecured and considered good, unless otherwise stated)Advances Receivable in cash or in kind - Considered good 3,563 846 Advances Receivable in cash or in kind - Considered doubtful 910 928 Less: Provision for Advances (910) (928)Staff Loans considered good 65 93 Margin Deposits placed with Subsidiary - SHCIL Services Ltd 200 200 Current Maturities of Long term Inter Corporate Deposit to subsidiaries - StockHolding Document Management Services Ltd - 500

3,828 1,639

17 Other Financial AssetsUnbilled Revenue 1,951 1,447 Amounts Due on settlement from Clearing House (Refer Note 41) 10,952 1,444 Advance to SHCIL Employees Group Gratuity Fund 25 10 Amounts Due on settlement from Clients and Brokers (Refer Note 41) 99,427 61,753 Amounts Recoverable from government towards stamp duty payments 793 3 Amounts recoverable from Reserve Bank of India towards Relief Bonds redemption (net)

323 53

Accrued Interest on FCD & NCD 191 75 Due from Group Companies (Refer Note 48) - SHCIL Services Ltd 96 163 - StockHolding Document Management Services Ltd 1,513 874 -Stock Holding Securities IFSC Limited 132 72

1,15,403 65,894

18 Other Current AssetsPrepayments 1,344 1,047 Goods and Services Tax Input Credit 589 841

1,933 1,888


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(` In Lakhs)



19 Equity Share Capital

Authorised Capital

5,00,00,000 Equity shares of ` 10/- each 5,000 5,000

Issued, Subscribed and Paid up capital

2,10,54,400 Equity shares of ` 10/- each fully paid up 2,105 2,105

2,105 2,105

a) The number of shares outstanding at the year ended March 31, 2021 and March 31, 2020 are the same.

b) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share.The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Equity shares held by holding company



Name of shareholder : IFCI Ltd

Number of shares held 1,11,30,000 1,11,30,000

Percentage of holding 52.86 52.86

d) Details of shareholders holding more than 5% of the aggregate shares in the company




Name of shareholder : Administrator of the Specified Undertaking of the Unit Trust of India

Number of shares held 35,70,000 35,70,000


Name of shareholder : Life Insurance Corporation Of India



e) Information regarding issue of shares in the last five years :

- The company has not issued any shares without payment being received in cash.

- The company has not issued any bonus shares.

- The company has not undertaken any buy-back of shares.


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(` In Lakhs)



20 Right of Use Lease Liabilities - Non Current

Right of Use Lease Liabilities (Refer Note 45) 1,357 1,261

1,357 1,261

21 Long Term Provisions

Provision for Employee Benefits

- Compensated Absences 1,098 886

Provision for Claims (Refer Note 43) 2,446 2,446

3,544 3,332

22 Deferred Tax Liabilities (net)

The major components of deferred tax assets and liabilities arising on account of timing differences are as under :

Deferred Tax Liabilities

Fair value of investments 56,886 44,799

Depreciation 575 516

57,461 45,315

Deferred Tax Assets

Provision for Doubtful debts/advances 477 525

Provision for Claims 616 616

Right of use assets 59 58

Unabsorbed Business Loss - 541

Employee Benefits 370 343

1,522 2,083

Net Deferred Tax Liabilities 55,939 43,232

23 Other Non-current Liabilities

Advance Depository Participant Charges 45 51

Deposits from Customers 2,230 2,138

2,275 2,189

24 Right of Use Lease Liabilities - Current

Right of Use Lease Liabilities (Refer Note 45) 869 930

869 930

25 Trade Payables and Other Payables

Total outstanding dues of micro enterprises and small enterprises (Refer Note 40)

23 14

Total outstanding dues of creditors other than micro enterprises and small enterprises

1,303 651

Margin money from clients 23,438 17,293

Provision for expenses 3,002 2,859

27,766 20,817


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(` In Lakhs)



26 Other Financial Liabilities

Unclaimed Dividend 2 2

(Unclaimed amounts are transferred to the Investor Education and Protection Fund when due)

Unclaimed redemption proceeds and interest on Relief and Saving Bonds 1,952 2,000

Amount due on settlement to Clearing House (Refer Note 41) 50,438 59,348

Amount due on settlement to Clients and Brokers (Refer Note 41) 60,379 3,436

Amounts payable to Government on account of stamp duty collection 10,337 255

Amounts payable to Reserve Bank of India on account of distribution of Relief Bonds/Inflation indexed bonds (net)

- 1,472

Amount payable to PFRDA on account of NPS 1,559 29

Other creditors for capital expenses 440 632

Other Liabilities

- Employee Benefits payable 1,801 982

- Others * 522

1,26,908 68,678

27 Other Current Liabilities

Advance Depository Participant Charges - current 822 818

Advances and Deposits from customers 28,833 19,203

Statutory dues including provident fund and taxes 1,071 406

30,726 20,427

28 Short-Term Provisions

Provision for Employee Benefits

Provision for Gratuity (Refer Note 42) 190 284

Provision for Compensated Absences 184 193

374 477


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(` In Lakhs)

Particulars Year ended March 31, 2021

Year ended March 31, 2020

29 Revenue from Operations

Custodial Services 219 198

Depository Participant Services 11,843 11,841

Commission and brokerage 21,889 16,050

Derivatives clearing services 821 656

Document management income 181 225

Sale of goods 2,224 1,384

Other operating revenue 252 216

37,429 30,570

30 Other Income

Interest (Gross):

- Govt. Securities & Bonds* 753 1,008

- Deposits with Banks 2,820 2,684

- Others 657 284

- Interest on Income Tax Refund 488 -

Dividend on Long Term Investments 3,158 4,142

Dividend on Current Investments - 26

Profit on sale of Non-current Investments (net) measured at FVTPL 29 18

Fair value gain on investments measured at FVTPL 46 49

Provisions for doubtful debts written back (net) 155 102

Sundry balances written back 86 289

Miscellaneous Income** 394 488

8,586 9,090

* Includes ` 282 lakhs Interest income from subsidiaries (31 March 2020 - ` 183 Lakhs)

** Includes ` 117 lakhs income from subsidiaries (31 March 2020 - ` 131 Lakhs)

31 Employee Benefits Expense

Salaries, Allowances & Bonus *** 13,496 11,355

Contribution to provident fund and other funds 1,059 996

Gratuity 299 265

Staff Welfare expenses 470 666

15,324 13,282

***Salaries, allowances and bonus is net of salaries of employees deputed to subsidiary companies ` 435 lakhs (March 31, 2020: `385 lakhs)

32 Finance Cost

Interest on Bank Overdraft 10 -

Interest on CBLO Borrowings * *

Interest on Right of Use Lease Liability 228 216

238 216


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(` In Lakhs)



33 Other Expenses

Outsourcing Expenses 1,725 1,985

Feet on Street (FOS) Expenses 195 644

Depository Participant / Custodian Fees 1,557 1,409

Software Expenses 986 961

Rent 6 293

Rates and Taxes 185 204

Electricity 781 836

Insurance 557 284

Repairs and Maintenance :

- Buildings 409 714

- Plant & Machinery 1,144 1,204

- Others 10 13

Fuel Expenses 14 26

Travelling and Conveyance 293 404

Postage and Courier 219 248

Telephone and Communication 702 825

Printing and Stationery 511 607

Legal and Professional Expenses 471 901

Audit Fees (Refer Note 44) 46 47

Technical Know-how Fees 1,293 987

Loss due to Exchange Rate fluctuation * 1

Corporate Social Responsibility/ Donations (Refer Note 51) 131 24

Claims Paid 12 17

Bad Debts Written Off 213 607

Loss on Sale / Discarded Fixed Assets 3 63

Loss on sale of current investments measured at FVPL 57 19

Advertisement and Publicity 167 331

Commission and Brokerage to Selling Agents 4,119 2,119

Commodity Expenses 149 384

Document Management Expenses 232 238

Security Services 211 194

Meeting and Conference expenses 53 98

Training & recruitment 76 126

Exchange Charges 328 306

Miscellaneous Expenses 443 466

17,298 17,585


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34 Fair Value MeasurementsFinancial Instruments by Category

(` In Lakhs) Particulars March 31, 2021 March 31, 2020

FVTPL FVTOCI Amortised cost

Category FVTPL FVTOCI Amortised cost

Category

Financial assets: Non-current

Non Current Investments

Unquoted Investment in Debentures of subsidiary - Stockholding DMS

- - 488 - - 957

Unquoted Investment in Fully Convertible Debentures of subsidiary- Stockholding DMS

- - 2,500 - - -

Trade Investments - Other companies - unquoted

- 2,42,999 - Level 2 - 1,91,662 - Level 2

Non trade quoted Equity Shares - 248 - Level 1 - 131 - Level 1

Quoted Government Securities - - 2,710 - - 556

Quoted Tax free Secured Redeemable Non-convertible Bonds

- - 5,554 - - 5,554

Quoted Non Convertible Debentures

- - * - - *

Mutual Funds - Quoted 9 - - Level 1 - - - Level 1

Mutual Funds - Unquoted 515 - - Level 1 615 - - Level 1

Loans and Deposits - - 7,915 - - 13,188

Other Non-current Financial Assets

- - 48,328 - - 32,241

Financial assets: Current

Current Investments

Unquoted Investment in Debentures of subsidiary - Stockholding DMS

- - 500 - - 516

Quoted Government Securities - - 49 - - 3,040

PSU/Corporate Bonds - - - - - -

Mutual funds - unquoted 633 - - - - -

Trade and Other Receivables - - 5,409 - - 4,892

Cash and Cash Equivalents - - 44,518 - - 27,706

Bank Balances other than above

- - 7,822 - - 3,923

Loans - Current - - 3,828 - - 1,639

Other Current Financial Assets 1,15,403 65,894

Total Financial Assets 1,157 2,43,247 2,45,024 615 1,91,793 1,60,106

Financial Liabilities: Current

Right of Use Lease Liabilities - - 869 - - 930

Trade and Other Payables - - 27,766 - - 20,817

Other Current Financial Liabilities

- - 1,26,908 - - 68,678

Non-Current Liabilities

Right of Use Lease Liabilities - - 1,357 - - 1,261

Total Financial Liabilities - - 1,56,900 - - 91,686

* denotes amount less than ` 1 Lakh


66


I. Fair Value Hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level have been provided below.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices listed in NSE / BSE

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Valuation Techniques

Weighted average price of last six months trades between Resident to Resident is considered for valuation of NSE shares at each reporting period.

Valuation of Derivative contracts have been arrived on the basis of farward rates available in the market for the balance maturity of the instrument.

II. Fair value of Financial Assets and Liabilities measured at Amortised Cost

(` In Lakhs) Particulars March 31, 2021

Fair valueMarch 31, 2020

Fair valueFinancial Assets:Non-current Investments

Unquoted Investment in Debentures of subsidiaries - Stockholding DMS 488 957Unquoted Investment in Fully Convertible Debentures of subsidiary- Stockholding DMS

2,500 -

Quoted Government Securities 2,710 556Quoted Tax free Secured Redeemable Non-convertible Bonds 5,554 5,554Quoted Non-convertible Debentures * *

Loans - Non-current 7,915 13,188Other Non-current Financial Assets 48,328 32,241Current Investments

Unquoted Investment in Debentures of subsidiaries - Stockholding DMS 500 516Quoted Government Securities 49 3,040PSU/Corporate Bonds - -

Trade and Other Receivables 5,409 4,892Cash and Cash Equivalents 44,518 27,706Bank Balances other than above 7,822 3,923Loans - Current 3,828 1,639Other Current Financial Assets 1,15,403 65,894Total Financial Assets 2,45,024 1,60,106Financial Liabilities: CurrentTrade and Other Payables 27,766 20,817Other Current Financial Liabilities 1,26,908 68,678Right of Use Lease Liabilities 869 930Financial Liabilities: Non-CurrentRight of Use Lease Liabilities 1,357 1,261Total Financial Liabilities 1,56,900 91,686

* denotes amount less than ` 1 lakh


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Fair Value at Amortised Cost

The management assessed that fair value of Loans non current, Other non current financial assets, Trade & other Receivables, Cash and Cash Equivalents, Bank Balances, Loans Current, Other Current Financial Assets, Security Deposit paid and received, Trade Payables, Other Current Financial Liabilities is same as their carrying amounts. These items have been categorised as level 3 due to use of Unobservable inputs for fair valuation.

35 Financial Risk Management

Financial Risk Factors

The Company’s principal financial liabilities, comprise trade and other payables, security deposits and employee liabilities. The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its operations.The Company’s principal financial assets include loans & advances, trade and other receivables, short-term deposits and cash / cash equivalents that derive directly from its operations. The Company also holds FVTOCI investments and enters into derivative transactions.

The Company is exposed to a number of different financial risks arising from natural business exposures as well as its use of financial instruments including equity price and credit risk.

The Risk Management Commitee comprised of senior management oversees the management of these risks. The Company’s senior management is supported by a Risk Management Compliance Board that advises on financial risks and the appropriate financial risk governance framework for the Company. The Risk Management Committee provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies, risk objectives and risk appetite.

The Board of Directors oversee the risk management activities for managing each of these risks, which are summarised below:

Credit Risk:

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The company is exposed to credit risk from investments measured at amortised cost, staff loans, security and other deposits, loans to subsidiaries, deposits with banks and others parties, trade and other receivables.

The Company periodically assesses the financial reliability of the counterparty, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual limits are set accordingly.

Investments at amortised cost are placed in government securities and high quality corporate and tax free bonds which is not having any significant credit risk. Inter corporate deposits and loans are mostly placed with group companies and hence the risk of credit loss is negligible. Staff loans are recovered through regular salary payments and in case of resignation and retirement, the same is recovered from full & final settlement of the employees.

Security and other deposits are reassessed at every reporting dates and are mostly placed for leases, which can be adjusted against rental payments.

Trade Receivable: The company trades with recognized and credit worthy third parties. As per the Company’s policy all credit customers are expected to pay within due date. In addition, receivable balances are monitored on an ongoing basis for recovery.

Reconciliation of Loss Allowance

(` In Lakhs)

Particulars March 31, 2021 March 31, 2020

Opening Balance 1,124 1,246

Created / (Utilized) during the period / year (167) (122)

Closing Balance 957 1,124


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Break up of Loss Allowance

(` In Lakhs)


Allowance for doubtful debts 902 1,075

Expected Credit Loss on Trade Receivables 55 49

Total 957 1,124

Price Risk:

The Investments made by StockHolding is subject to price risk as outlined in the Notes to Financial Statements.The Investments are reviewed periodically for the performance of the portfolio. Liquidity and Conservatism are the primary considerations of the Investment Policy framework which are followed.

36 Capital Management

The company’s capital includes issued share capital and all other distributable reserves. The primary objective of the Company’s Capital Management is to maximise shareholder value and to maintain an optimal capital structure to reduce the cost of capital. The company does not have any long term and short term borrowings and all its capital needs are either met by internal accruals i.e. surplus balances of previous years or by effective management of its working capital. As at the balance sheet date, the company’s share capital and distributable reserves are:

(` In Lakhs)


Share Capital 2,105 2,105

Distributable Reserves* 79,787 74,390

Working Capital (6,546) (1,906)

* Distributable reserves are excluding unrealised gains and losses

37 Contingent Liabilities (` In Lakhs) Particulars As at

March 31, 2021As at

March 31, 2020

A) Claims against the Company not acknowledged as debts i) Income Tax demands against which the Company has preferred

appeals or Demand from Traces for TDS 46 34

ii) Claims by a bank not acknowledged by the Company (Refer Note No.39)

Amount unascertained


iii) Other claims not acknowledged as debt 724 724The Company is a party to various legal proceedings in the normal course of business and does not expect the outcome of these proceedings to have any adverse effect on its financial conditions, results of operations or cash flows. Further, claims by parties in respect of which the Management have been legally advised that the same are frivolous and not tenable, have not been considered as contingent liabilities as the possibility of an outflow of resources embodying economic benefit is highly remote.

B) Bank Guarantees i) Provided to stock exchanges (backed by counter guarantees,

cash collateral and securities) 18,500 18,100

ii) Provided to stock exchanges (backed by cash collateral) on behalf of SHCIL Services Ltd

2,000 2,000

iii) Other Bank Guarantees 3,525 3,363 iv) Corporate guarantee issued to MMTC PAMP India Pvt Ltd 1,000 1,000 v) OD given to StockHolding DMS against FD placed by SHCIL 1,436 1,808 vi) Corporate guarantee issued to IDBI Bank & SBI against CC and

BG limits given to SDMS 4,000 800


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38 Capital and other commitments :

Estimated amount of contracts to be executed on capital account, not provided for (net of advances) – ` 1,452 Lakhs. (As at March 31, 2020 - ` 1,487 Lakhs).

39 The Company had during the year 2000-01 undertaken a transaction of ` 2,445 lakh with a client through the Calcutta Stock Exchange (CSE) under the ‘Cash on Payout’ scheme for the sale of 7,20,000 equity shares of DSQ Industries Limited. The said transaction was confirmed by CSE based on which postdated cheques were issued. The cheques were stopped for payment before their due date by the Company as the underlying trade transaction was contended to be non-bonafide and disallowed by CSE. A Bank, which had granted financial assistance against the said cheques, issued a notice of demand against the Company under Section 138 of the Negotiable Instrument Act, 1881. The Bank also filed an application in the Debt Recovery Tribunal (DRT) for recovery of the amount along with compound interest from the Company and the client. The Company disputed the claim of the Bank. The Bank’s application to the DRT was dismissed and only the client was held liable. The Bank and the client had filed an appeal in the Debt Recovery Appellate Tribunal (DRAT) against the order of DRT. The appeals were allowed vide the DRAT order dated September 23, 2011, which stated that the amount would carry compound interest from August 1, 2001 @ 19% p.a. with quarterly rests till realisation and the Bank was entitled to realize the sum from both the client and the Company. The Company filed a Revision Application in High Court, Calcutta on November 30, 2011 which was admitted but no interim relief was granted. Hence, the Company filed a Special Leave Petition (SLP) in the Supreme Court for stay of the High Court Order for not granting interim relief of staying the DRAT order, the Order of the DRAT and the recovery certificate and notice of demand issued by Presiding Officer and recovery officer of DRT respectively. The Supreme Court vide its order dated April 23, 2012 granted stay on the recovery proceedings and requested the Calcutta High Court to dispose off the Revision Application within a period of four months and the Company to deposit ` 3,000 lakh with the Calcutta High Court Registry within a period of 4 weeks from the date of order by way of a short term deposit in a nationalized bank. Accordingly, the Company had deposited the money with the Calcutta High Court, Registry. The Revision application was dismissed. The Company filed Special Leave Petition (SLP) in the Supreme Court in May 2015. The Supreme Court vide its order dated May 14, 2015 stayed the operation of the execution proceedings and the Company to deposit with the Registrar, Supreme Court of India, a fixed deposit receipt in the name of the Company and endorsed in favour of the Registrar an amount of not less than ` 3,000 lakh. Accordingly, the Company made the deposit. The amount of ` 6,000 lakh, deposited by the Company in the High Court (` 3,000 lakh) and Supreme Court (` 3,000 lakh) is shown under the heading “Long Term Loans and Advances” under the sub-heading “Security and other deposits” in the Statement of Balance Sheet. The bank was granted liberty to withdraw ` 3,000 lakh along with interest that had been lying as deposit before the High Court of Kolkata which is subject to final decision in the SLP. Accordingly, an amount of ` 38,04,44,259.69/- was released to the Bank. Further by an order dated October 12, 2015, the Supreme Court directed the bank to withdraw an additional amount of ` 1,500 lakh along with accrued interest from the money deposited with the Supreme Court. Accordingly, an amount of ` 15,45,06,971/- was released to the Bank. The Special Leave petition has been converted into a Civil Appeal on February 08, 2017 and the matter is listed in the Supreme Court for final disposal. The matter is appearing regularly and was last taken up for hearing in February 2020.

The amounts released to the Bank is subject to the final decision in the matter. In view of the nature of dispute, the amount of contingent liability has not been ascertained. Pending final adjudication of the matter by the Hon’ble Supreme Court and also in view of the legal opinion obtained by the Company, in the opinion of the management, no provision is required to be made in the Statement of Profit and Loss for year ended March 31, 2021.

40 Details of dues to Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006

Based on the information with the Company, the amount overdue to the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2021 on account of principal amount together with interest is NIL (Previous Year : NIL).

The details of amounts outstanding to Micro, Small and Medium Enterprises based on information available with the Company is as under:

Particulars March 31, 2021 March 31, 2020Principal amount overdue and remaining unpaid - - Interest due on above and the unpaid interest - - Interest paid - - Payment made beyond the appointed day during the year - - Interest due and payable for the period of delay - - Interest accrued and remain unpaid - - Amount of further interest remaining due and payable in succeeding year - -


70


41 Amount due on settlement (net) represents amounts receivable from / (payable to) Clearing house, Clients and Brokers, as under: (` In Lakhs)



Due to Due from Due to Due fromClearing House 50,438 10,952 59,348 1,444 Clients 58,865 99,427 2,886 61,753 Brokers 1,514 - 550 -

1,10,817 1,10,379 62,784 63,197Net Receivable / (Payable) (438) 413

42 Employee Benefits: (` In Lakhs)



A) Defined Contribution Plan The company has recognised following amounts in the Statement of

Profit & Loss for the year Contribution to Employee's Provident Fund 605 583 Contribution to Employee's Superannuation Fund 399 374

B) Defined Benefit Plans i) General Description : Gratuity is payable to all eligible employees of the Company on superannuation, death and resignation

in terms of provisions of the payment of Gratuity Act or as per the Company's scheme whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn base salary.

Valuations of the defined benefit obligation on account of gratuity has been carried out by an independent actuary as at the Balance sheet date based on the following assumptions.

ii) Major Actuarial Assumptions : a) Discount Rate 6.85% 6.84% b) Rate of Return on Plan Assets 6.85% 6.84% c) Salary Escalation 5.00% 5.00% d) Rate of Employee Turnover Service 5 years &

below : 16.00% p.a.; Service 6 years & above

4.00% p.a.

Service 5 years & below : 19.00%

p.a.; Service 6 years & above

4.00% p.a. e) Mortality Rate during Employment Indian Assured

Lives Mortality (2006-08)

Indian Assured Lives Mortality

(2006-08) f) Mortality Rate after Employment N.A. N.A.

iii) Change in Benefit Obligation : Liability at the beginning of the year 4,404 3,727 Interest Cost 302 287 Current Service Cost 280 245 Past Service Cost- Vested Benefit - - Benefit Paid (247) (103) Actuarial (gain)/loss on obligations - due to change in

Demographic Assumptions - (3)

Actuarial (gain)/loss on obligations - due to change in Financial Assumptions

(1) 281

Actuarial (gain)/loss on obligations - due to Experience (32) (30) Liability at the end of the year 4,706 4,404


71

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iv) Fair value of Plan Assets :Fair Value of Plan Assets at the beginning of the year 4,120 3,669 Interest Income on Plan Assets 282 282 Contributions 373 391 Benefit Paid (247) (103)Return on Plan Assets (Excluding Interest Income) (12) (119)Fair Value of Plan Assets at the end of the year 4,516 4,120

v) Amount Recognised in the Balance Sheet :(Present value of benefit obligation at the beginning of the year)Fair Value of Plan Assets at the end of the year 4,516 4,120 Liability at the end of the year (4,706) (4,404)Funded Status (Surplus/Deficit) (190) (284)Net (Liability) / Asset Recognised in the Balance Sheet (190) (284)

vi) Net Interest cost for the current year :Present value of benefit obligation at the beginning of the year 4,404 3,727 Fair Value of Plan Assets at the beginning of the year (4,120) (3,669)Net Liability/(Assets) at the beginning 284 58 Interest Cost 302 287 Interest Income (282) (282)Net Interest cost for the year 20 5

vii) Expense recognised in Profit and Loss for the Current year :Current Service Cost 280 245 Net Interest Cost 20 5 Past Service Cost - - Expense Recognised 300 250

viii) Expense recognised in Other Comprehensive Income (OCI) for Current year:Acturial (Gains) / Losses on Obligation for the year (33) 248 Return on Plan Assets, excluding Interest Income 12 119 Change in Assets ceiling - - Net (Income) / Expense for the year recognised in OCI (21) 367

ix) Sensitivity Analysis :Projected Benefit Obligation on Current Assumptions :Projected Benefit Obligation on Current Assumptions 4,706 4,403 Delta effect +1% change in Rate of Discounting (344) (327)Delta effect - 1% change in Rate of Discounting 393 373 Delta effect +1% change in Rate of Salary Increase 239 231 Delta effect -1% change in Rate of Salary Increase (231) (228)Delta effect +1% change in Rate of Employee Turnover 90 83 Delta effect -1% change in Rate of Employee Turnover (99) (92)

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

(` In Lakhs)


72


Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

ix) Basis used to determine expected rate of return on assets :

Expected rate of return on investments is determined based on the assessment made by the Company at the beginning of the year for returns over the entire life of the related obligation. The gratuity scheme is invested in a group gratuity cum assurance policy offered by Life Insurance Corporation of India.

C) Other Long Term Employee Benefits :

The long term employee benefits in the form of compensated absences have been determined using the projected unit credit method as at the Balance Sheet date on the basis of an acturial valuation.

43 The movement in provision for claims is as under : (` In Lakhs)



Opening Balance 2,446 2,446 Additions during the period - - Reversal during the period - - Closing Balance 2,446 2,446

44 Auditor's Remuneration (excluding taxes)As Auditor :Audit fees 40 40 Tax Audit fees 4 4 In other capacity : Certification and other charges - 3 Out of Pocket Expenses 2 -

46 47

45 Disclosure in respect of Leases :-Leases Taken by the CompanyLease payment recognised in profit and loss for the Year 6 293

Following is the Break-up of Current & Non-Current Lease Liabilities as on March 31, 2021 :Right of Use Lease Liabilities (Non-Current) 1,357 1,261 Right of Use Lease Liabilities (Current) 869 930 Total 2,226 2,191

Leases Granted by the CompanyLease Income recognised in profit and loss for the year 117 132


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46 Earnings Per Share (` In Lakhs)



Profit for the year as per Statement of Profit and Loss 6,884 4,085 No. of Shares at the beginning of the year 2,10,54,400 2,10,54,400 No. of Shares at the end of the year 2,10,54,400 2,10,54,400 Weighted average number of shares outstanding during the Year (Nos) 2,10,54,400 2,10,54,400 Earnings per share for the Year in ` Basic / Diluted 32.70 19.40

47 Foreign Currency ExposureParticulars of unhedged foreign currency exposures as at the balance sheet dateTrade payables USD 2,29,846.33 USD 31,904.84

48 Related Partiesa. List of Related Parties

Holding CompanyIFCI Limited

Fellow SubsidiariesIFCI Venture Capital Funds LimitedIFCI Infrastructure Development LimitedIFCI Financial Services Limited

Subsidiary CompaniesPercentage of Holding

Name of Subsidiary As At March 31, 2021


SHCIL Services Limited 100% 100%Stockholding Document Management Services Limited 100% 100%Stockholding Securities IFSC Limited 100% 100%

Key Management PersonnelIFCI Ltd Shri Sunil Kumar Bansal Deputy Managing Director Ms Jhummi Mantri General Manager & CFO Ms Rupa Deb General Manager & Company Secretary

StockHolding Corporation of India Ltd Shri Ramesh N.G.S Managing Director & CEO Shri Jagdish Thakur Chief Financial Officer (CFO) Shri Shashikant Nayak Company Secretary (CS) Shri Sachikanta Mishra Non Executive Director Shri Sunil Kumar Bansal Non Executive Director Ms Vasantha Govindan Non Executive Director Ms Sarojini Dikhale Non Executive Director Ms Rekha Gopalkrishnan Non Executive Director Shri Ashok Motwani Independent Director - Non Executive Shri Animesh Chauhan Independent Director - Non Executive

Trust wherein the Company has control : SHCIL Employee Group Gratuity Scheme SHCIL SuperAnnuation Scheme


74

Stock Holding Corporation of India Limitedb

. Tr

an

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ith

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d P

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75

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34th Annual Report 2020-21 (

` In

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Pa

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76

Stock Holding Corporation of India Limited49

Seg

men

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Th

e se

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form

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per

acc

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ing

stan

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(In

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Th

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Ope

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Dec

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mon

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oper

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of

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busi

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•

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exp

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•

Reve

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s fr

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men

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In

add

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, co

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s ac

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a s

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Bu

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Seg

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Dep

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/Cu

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Serv

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Esta

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Pro

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Mem

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20

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Yea

r En

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20

Yea

r En

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M

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1,

2021

Yea

r En

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Yea

r En

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M

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Yea

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Mar

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A.

SEG

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EVEN

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Exte

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Inco

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12,6

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,35

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.


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50 Securities received from clients (for Professional Clearing Member Segment) as collateral for margins are held by the company in its own name as a fiduciary capacity.

51 Corporate Social Responsibility :

During the period, company spent Amounting to ` 131 Lakhs (Previous year ` 22 Lakhs) as required in Section 135 Companies Act, 2013 for Corporate Social Responsibility. The CSR activities include eradicating hunger and poverty, promoting healthcare, education and sanitation, ensuring environmental sustainability etc.

52 There was a fire incident on December 11, 2017 at Mahape premises of the Company. The insurance company have appointed surveyors. The surveyors are in the process of assessing the damage to the property of the Company. The Company has appointed contractors to carry out the repair work for the Interior & Basement areas.

Expenses amounting to ` 36.02 lakhs has been transferred to Repairs & Maintenance Account for Mahape Interiors furnishing and Nil for Basement Area for year ended March 31, 2021. (Previous Year ` 423.76 Lakhs for Interiors & ` 36.83 Lakhs for Basement area).

The completion of the repair/ renovation work has been delayed due to the outbreak of the COVID-19 pandemic and the lockdown enforced by the Government. The work resumed at the end of August 2020 and is expected to complete in next financial year.

53 There was an incident of Short Deposit of Cash of ` 14,50,299/- at e-Stamping Sub Registrar Office (SRO) counter at Alwar in the month of January 2021. An employee did not deposit all the cash collected by him. An FIR has been filed against him and he has been suspended. Also, an insurance company has been intimated about the same.

54 The company in the year 1992-93 had purchased 18 residential flats admeasuring 9216 square feet from MHADA vide their possession and allotment letter at Tilak Nagar, Chembur on outright sale basis for the use as staff quarters. Pending registration of flats in favour of company, these properties are shown under fixed assets - building. The company is rigorously following up with the respective authorities for getting the registration to get the clear title of the property.

55 Income Tax Assessment of Stockholding Corporation of India is completed upto Assessment Year 2007-08.

56 Income Tax Expense (` In Lakhs)



(a) Income Tax Expense

Current Tax 1096 -

Deferred Tax 651 401

Total of Tax Expense 1,747 401

(b) Reconciliation of tax expense and the accounting profit multiplied by tax rate

Profit from continuing operations before Income Tax expense 8,631 4,486

Tax at the Tax Rate of 25.168% 2,172 1,129

Tax effect of amounts which are not deductible (taxable) in calculating taxable income:

Dividend received on Investments - (1,049)

Interest on tax free bonds (111) (111)

Others (314) 432

Tax Expenses 1,747 401


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57 Distributions Made & Proposed

Cash Dividend on the Equity Shares declared (` In Lakhs)



i) Final Dividend Declared 442 126 DDT on Final Dividend - - Total 442 126

ii) Interim Dividend Declared 1,074 611 DDT on Interim Dividend - 108 Total 1074 719

iii) Final Dividend Proposed 1,685 442 DDT on Proposed Dividend - - Total 1,685 442

58 Exchange traded contracts outstanding:

A) Outstanding Future Contracts as on March 31, 2021

Particulars Year Ended March 31, 2021 Year Ended March 31, 2020Type of Derivative No. of

ContractNo. of Units

No. of Contracts

No. of Units

Stock Futures Long - - 2 31,400 Stock Futures Short - - - -

59 There are no significant subsequent event that would require adjustments or disclosure in Financial Statements as on the Balance Sheet date. Figures for the previous year have been re-grouped wherever necessary, so as to make them comparable with those of the current year.




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Sr. No.

Particulars Name of subsidiary companies

SHCIL Services Limited

StockHolding Document

Management Services Limited

StockHolding Securities IFSC

Limited

1 Reporting currency INR INR INR

2 Exchange Rate 1.00 1.00 1.00

3 Share capital 60,897,030 55,75,00,000 15,00,00,000

4 Reserves & Surplus 73,13,00,488 (20,72,24,845) (3,26,28,478)

5 Total Assets 39,05,697,585 16,19,571,496 15,12,29,891

6 Total Liabilities 31,13,500,067 12,69,296,341 3,38,58,369

7 Investments 5,55,80,919 Nil Nil

8 Turnover 95,74,41,752 42,55,88,949 14,55,573

9 Profit before Taxation 23,08,84,746 (17,03,03,443) (1,84,97,486)

10 Provision for taxation 5,93,46,247 (4,03,47,644) (25,850)

11 Profit after taxation 17,15,38,499 (12,99,55,798) (1,84,71,636)

12 Total comprehensive income after tax 17,17,84,934 (1,29,918,576) (2,18,51,873)

13 Proposed dividend 4,87,17,624 Nil Nil

14 % of shareholding 100 100 100

15 Country India India India

Notes :

1. The reporting period for all subsidiaries is March 31, 2021

2. StockHolding does not have any associate companies / joint ventures.

For and on behalf of the Board

Jagdish Thakur Shashikant L. Nayak Ramesh N.G.S. Ashok Kumar MotwaniSVP & CFO VP & Company Secretary MD & CEO Independent Director

Date : August 04, 2021Place: Mumbai / Bengaluru

Statement pursuant to sub-section (3) of Section 129 of the Companies Act, 2013, read with rule 5 of the Companies (Accounts) Rules, 2014

In the prescribed Form AOC-1 relating to subsidiary companies

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To the Members of Stock Holding Corporation of India Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements of Stock Holding Corporation of India Limited (“the Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), which comprise the consolidated Balance Sheet as at March 31, 2021, and the consolidated statement of Profit and Loss, consolidated statement of changes in Equity and consolidated statement of Cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its associates and jointly controlled entities as at March 31, 2021, of consolidated profit, consolidated changes in equity and its consolidated cash flows for the year then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group, its associates and jointly controlled entities in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that

INDEPENDENT AUDITOR’S REPORT

the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of MatterWe draw attention to:

a. Note No. 41 of the Consolidated Ind AS Financial Statements related to outcome of continuing litigation with a Bank, pending adjudication of the matter by the Honourable Supreme Court. As per the legal opinion obtained by the Management, no provision has been recognised in the Statement of Profit and Loss.

b. Note No. 13 and 16 of the Consolidated Ind AS Financial Statements related to non receipt of Direct confirmation in certain cases of receivables and payables.





Key Audit MattersKey audit matters are those matters that in our professional judgment were of most significance in our audit of the standalone financial statements of the year ended 31st March, 2021. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, as we do not provide a separate opinion on these matters.


Key Audit Matters Auditors’ response to Key Audit MattersProvisions and Contingent Liabilities(Refer note no. 39(A) of the Consolidated Ind AS financial statements)The company has litigations in respect of certain tax matters and other disputes for which the final outcomes cannot be easily predicted and which could potentially result in significant liabilities. These have been disclosed under Contingent Liabilities. The assessment of the risks associated with the litigations is based on complex assumptions, which require the use of judgement and such judgement relates, primarily, to the assessment of the uncertainties connected to the prediction of the outcome of the proceedings and to the adequacy of the disclosures in the financial statements. Because of the judgement required, the materiality of such litigations and the complexity of the assessment process, the area is a key matter for our audit

Our audit procedures involved the following• Testing the effectiveness of controls around the

recording and re-assessment of contingent liabilities.• Performing our assessment of assumptions used in the

evaluation of potential legal and tax risks performed by the legal and tax department of the company considering the legal precedence and other rulings in similar cases.

• Inquiry with the legal and tax departments regarding the status of the most significant disputes and inspection of the key relevant documentation.

• Analysis of opinion received from the experts where available.

• Review of the adequacy of the disclosures in the notes to the financial statements.

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Key Audit Matters Auditors’ response to Key Audit MattersEnhancements to Company’s system of IT general controls

The Company’s management devoted significant effort to enhance and standardise the system of IT general controls (ITGCs) in the current pandemic situation, including the implementation of Core Accounting Software. During any period of significant process change, there is increased risk to the internal financial control environment. Consequently, in addition to the inherent risks associated with auditing the IT systems of a complex organisation such as SHCIL, the audit team focused its procedures on the risks associated with the following change programmes:

• further standardisation of Company’s user access management process; and

• implementation of the Company’s enterprise wide IT change management process.

Our procedures focused on the key IT processes and controls over IT systems critical to our audit. These included:

• management of changes to systems and access to systems; and

• IT operations, such as problem and incident management, and back-up and restore.

• Authorising access rights for new joiners;

• Timely removal of user access rights;

• Logging and monitoring of user activities;

• granting, potential use, and the removal of these access rights;

• Segregation of duties including access to multiple systems that could circumvent

• segregation controls;

We updated our understanding of Company’s key IT applications and IT transitions that impacted our financial statement audits by carrying out walk-through tests.

We identified applications that were critical to our audit and therefore included in our audit scope.

We also assessed the risk associated with any key business or IT changes and identified and tested application and IT dependent manual controls that we considered key to the business processes related to financial reporting.

Our audit approach involved central testing of ITGCs that we considered important to the financial statements, including:

• management of changes to systems;

• management of access to systems; and

• management of IT operations.

We tested the implementation and operating effectiveness of management’s remediated Access Management controls and found them to be effective in March 2021.

Valuation of investment in certain equity interests of an unlisted company

(Refer note no. 2.11 of the Consolidated Ind AS financial statements)

The Company has accounted investment in certain equity interests of an unlisted company (the “Investment”) which owned the largest Stock Exchange of the country, as a “Strategic Investment” financial asset which is subject to fair value revaluation at each reporting date.

The Investment at March 31, 2021 was valued consistently as per the method as prescribed Ind AS. With reference to the valuation, management had estimated the fair value of the Investment at ` 2,42,999 lakhs as on 31st March, 2021. The Investment is operating in an emerging industry and its fair value is highly dependent on its future plan, the valuation involved significant management judgements. Accordingly, the valuation of the Investment was considered as one of the key audit matters. The fair value was determined based on the average of Traded price in the last six months. The valuation involved significant reliance on the perception of the Shares in the market, along with understanding of future projection of profitability, plans for listing of securities,, discount rate, marketability discount etc.

Our audit procedures involved the following:

• Testing the mathematical accuracy;

• Evaluating the document and information provided by the management;

• Assessing the valuation methodology used by the Company to estimate the fair value of the Investment;

• Checking, on a sample basis, the accuracy and reasonableness of the input data provided by management, the supporting evidence, such as approved basis by the Audit Committee, and considering the reasonableness of these basis by comparing the basis to the historical results and market data.

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Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the Financial Performance highlights, Board Report including Annexures to the Boards Report, Report on Corporate Governance and Other Information, which is expected to be made available to us after that date but does not include the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the Financial Performance highlights, Board Report including Annexures to the Boards Report, Report on Corporate Governance and Other Information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in term of the requirements of the Companies Act, 2013 (the Act) that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group including its associates and jointly controlled entities in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act. The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for assessing the ability of the Group and of its associates and jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entities are responsible for overseeing the financial reporting process of the Group and of its associates and jointly controlled entities.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

1. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

2. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has an adequate internal financial controls system in place and the operating effectiveness of such controls.

3. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management

4. Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability

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to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

5. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

6. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and its associates and jointly controlled entities to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of the standalone financial statements that, individually or in aggregate, makes it possible that the economic decision of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and evaluating the results of our work.; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged to governance regarding, among other matters, the planned scope and timing of the audit and significant audit finding, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance regarding with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our Independence, and where applicable, related safeguards.

From the matters communicated with those charged to governance, we determine those matters that were most significant in the audit of standalone financial statements for the current period and therefore the key audit matters. We describe these matters in the auditor’s report unless the law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing

so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

a. We did not audit the financial statements of 3 subsidiaries,, whose financial statements reflect total assets of ` 56,764.99 Lakhs as at March 31, 2021, total revenues of ̀ 13,844.87 Lakhs and net cash flows amounting to ` (1123 Lakhs) for the year ended on that date, as considered in the consolidated financial statements. The consolidated financial statements also include the Group’s share of net profit/loss of ` 200.14 Lakhs for the year ended March 31, 2021, as considered in the consolidated financial statements, whose financial statements have not been audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, jointly controlled entities and associates, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, jointly controlled entities and associates, is based solely on the reports of the other auditors.

Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements / financial information certified by the Management.

b. Further to the continuous spreading of COVID -19 across India, the State Government of Maharashtra announced a 15-day lockdown on April 05, 2021, across Maharashtra to contain the spread of the virus. This has resulted in restrictions on a physical visit to the client locations and the need for carrying out alternative audit procedures as per the Standards on Auditing prescribed by the Institute of Chartered Accountants of India (ICAI).

As a result of the above, the entire audit was carried out based on remote access of the data as provided by the management. We have been represented by the management that the data provided for our audit purposes is correct, complete, reliable, and are directly generated by the accounting system of the Company without any further manual modifications. We bring to the attention of the users that the audit of the financial statements has been performed in the aforesaid conditions.


Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

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b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, the Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d. In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. We have been informed that the provisions of the section 164(2) of the Act in respect of the disqualification of directors are not applicable to the Holding Company and its Subsidiaries incorporated in India,, being a Government Company in terms of notification no. G.S.R. 463(E) dated June 5, 2015 issued by the Ministry of Corporate Affairs, Government of India.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.

g. With respect to the other matters to be included in the Auditors’ Report in accordance with the requirements of section 197(16) of the Act, as amended:

We are informed that the provisions of Section 197 read with Schedule V of the Act, relating to managerial remuneration are not applicable to

the Company, being a Government Company, in terms of Ministry of Corporate Affairs Notification no. G.S.R. 463 (E) dated 5th June, 2015.

h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:

- The Company has disclosed the impact of pending litigations on the consolidated financial position of the group – Refer Note 39(A) & 41 to the financial statements;

- The Group, its associates and jointly controlled entities did not have any material foreseeable losses on long-term contracts including derivative contracts;

- There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company and its subsidiary companies incorporated in India.



FRN no. 109262W / W100673

Gaurav Sarda

Partner


Place: Mumbai

Date: May 07, 2021.UDIN: 21110208AAAAKJ3813

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ANNEXURE A: TO THE INDEPENDENT AUDITOR’S REPORT

Annexure Referred to in Independent Auditors’ Report on the Consolidated Financial Statements of even date to the members of Stock Holding Corporation of India Limited for the year ended March 31, 2021.

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March 31, 2021, we have audited the internal financial controls over financial reporting of Stock Holding Corporation of India Limited (“the Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), its associates and jointly controlled entities which are incorporated in India, as of that date.

Management’s Responsibility for Internal Financial ControlsThe respective Board of Directors of the Holding Company, its subsidiary Companies, Joint Ventures and Associated which are incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting

Meaning of Internal Financial Control over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1)Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;(3)Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Holding Company, its subsidiary Companies, Joint Ventures and Associated which are incorporated in India, have, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.



FRN no. 109262W / W100673

Gaurav Sarda

Partner


Place: Mumbai

Date: May 07, 2021.UDIN: 21110208AAAAKJ3813

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CORRIGENDUM

With reference to the Independent Audit Report for the year ended March 31, 2021 sent to the members of the Company on May 7, 2021, there was a typographical error, in Emphasis of Matter Para 2 of Standalone Auditors Report, whereby the Note reference should be read as follows:

“Note no. 13 and 25 of the Standalone Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.”

Also in case of Emphasis of Matter Para “b” stated in the Consolidated Auditors Report, whereby the Note reference should be read as follows:

“Note no. 13 and 26 of the Consolidated Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.”

Further the revised Sub direction given under para 2 of Report on Other Legal and Regulatory Requirements of Standalone Independent Auditors Report should be read as follows:

Sr No.

Directions Action Taken Impact on Financial Statements

1 Whether the Company has a system in place to process all the accounting transactions through the IT system? If yes, the implication on the integrity of the accounts along with the financial implications, if any, may be stated;


Nil

2 Whether there is any restructuring of an existing loan or cases of waiver/ write-off of debts/ loans/ interest etc. made by a lender to the company due to the Company’s inability to repay the loan? If yes, the financial impact may be stated. Whether such cases are properly accounted for? (in case, lender is a Government Company, then its direction is also applicable for Statutory Auditor of lender Company)


Nil

3 Whether funds (grants / subsidy etc.) received/ receivable for specific schemes from Central/ State Government or its agencies were properly accounted for/ utilized as per its term and conditions? List the cases of deviation


Nil

This error occurred inadvertently at the time of issuing the Final Report.All other information in the Independent Auditors Report for the financial year ended March 31, 2021 remains unchanged.Kindly take this on record.

Thanking you,

For SARDA & PAREEK LLPChartered Accountants,FRN No. 109262W / W100673

Gaurav SardaPartnerMembership No. 110208

Mumbai,August 03, 2021.

Encl: Relevant Pages of the Independent Auditors Report for the year ended March 31, 2021.

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IN STANDALONE INDEPENDENT AUDITORS’ REPORT

2. Note no. 13 and 25 of the Standalone Ind AS Financial Statements related to non-receipt of direct confirmation in cases of receivables and payables.


Key Audit Matters


IN CONSOLIDATED INDEPENDENT AUDITORS’ REPORT

Honourable Supreme Court. As per the legal opinion obtained by the Management, no provision has been recognised in the Statement of Profit and Loss.

B. Note no. 13 and 26 of the Consolidated Ind AS Financial Statements related to non receipt of Direct confirmation in certain cases of receivables and payables.





Key Audit Matters

Key audit matters are those matters that in our professional judgment were of most significance in our audit of the standalone financial statements of the year ended 31st March, 2021. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, as we do not provide a separate opinion on these matters.


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COMMENTS OF THE COMTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6)(b) READ WITH SECTION 129 (4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED FINANCIAL STATEMENTS OF STOCK HOLDING CORPORATION OF INDIA LIMITED FOR THE YEAR ENDED 31 MARCH 2021

The preparation of consolidated financial statements of Stock Holding Corporation of India Limited for the year ended 31 March 2021 in accordance with the financial reporting framework prescribed under the Companies Act, 2013 (Act) is the responsibility of the management of the company. The statutory auditor appointed by the Comptroller and Auditor General of India under section 139(5) read with section 129 (4) of the Act is responsible for expressing opinion on the financial statements under section 143 read with section 129(4) of the Act based on independent audit in accordance with the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been done by them vide their Audit Report dated May 07, 2021.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the consolidated financial statements of Stock Holding Corporation of India Limited for the year ended 31 March 2021 under section 143(6)(a) read with section 129(4) of the Act. We conducted a supplementary audit of the financial statements of Stock Holding Corporation of India Limited but did not conduct supplementary audit of the financial statements of SHCIL Services Limited, StockHolding Document Management Services Limited and StockHolding Securities IFSC Limited for the year ended on that date. This supplementary audit has been carried out independently without access to the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and company personnel and a selective examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which would give rise to any comment upon or supplement to statutory auditors’ report under section 143(6)(b) of the Act.

For and on the behalf of theComptroller & Auditor General of India

(P. V. Hari Krishna)Principal Director of Audit (Shipping), Mumbai

Place : MumbaiDate : August 09, 2021

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(` In Lakhs) Particulars Note As at


March 31, 2020ASSETSI Non-Current Assets

a) Property, Plant and Equipment 4 16,293 16,313 b) Right of use Lease Assets 5 4,271 4,532 c) Capital Work-In-Progress 889 428 d) Intangible assets under development 2 1 e) Other Intangiable Assets 6 121 234 f) Financial Assets

(i) Investments 7 2,52,035 1,98,518 (ii) Loans 8 10,719 14,492 (iii) Other Financial Assets 9 48,598 33,814

g) Non-Current Tax Assets 10 3,203 7,515 h) Other Non-Current Assets 11 446 826

Total Non-Current Assets 3,36,577 2,76,673 II Current Assets

a) InventoriesStock in Trade/Stock In Transit 2 -

b) Financial Assets(i) Investments 12 1,238 3,220 (ii) Trade Receivables 13 11,774 9,282 (iii) Cash and Cash Equivalent 14 58,838 43,149 (iv) Bank balances other than (iii) above 15 11,681 6,105 (v) Loans 16 3,771 1,224 (vi) Other Financial Assets 17 1,22,259 68,485

c) Other Current Assets 18 3,049 2,777 Total Current Assets 2,12,612 1,34,242

TOTAL ASSETS 5,49,189 4,10,915 EQUITY AND LIABILITIES I EQUITY

a) Equity Share Capital 19 2,105 2,105 b) Other Equity 2,69,260 2,24,996

2,71,365 2,27,101 LIABILITIES

II Non-Current Liabilitiesa) Financial Liabilities

(i) Right of Use Lease Liabilities 20 3,779 3,723 b) Provisions 21 3,634 3,405 c) Deferred Tax Liabilities (net) 22 54,323 41,977 d) Other Non-Current Liabilities 23 2,275 2,189

Total Non-Current Liabilities 64,011 51,294 III Current Liabilities

a) Financial Liabilities(i) Borrowings 24 2,010 2,419 (ii) Right of Use Lease Liabilities 25 1,132 1,355 (iii) Trade Payables 26 40,953 33,157 (iv) Other Financial Liabilities 27 1,37,616 73,707

b) Other Current Liabilities 28 31,643 21,352 c) Provisions 29 459 530

Total Current Liabilities 2,13,813 1,32,520 TOTAL LIABILITIES 5,49,189 4,10,915

See accompanying notes to financial statement 1 to 67




CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2021

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(` In Lakhs) Particulars Note Year ended


March 31, 2020I INCOME :

Revenue from Operations 30 45,238 37,645Other Income 31 7,824 8,720TOTAL INCOME 53,062 46,365

II EXPENSES:Cost of Goods Sold 2,140 1,328Purchase of Stock-in-Trade 2 -Change in Stock-in-Trade (2) -Employee Benefit Expenses 32 17,394 15,310Finance Costs 33 793 708Sub Brokerage Expenses 34 929 164Depreciation and Amortisation Expenses 4 & 6 2,028 2,485Depreciation on Right of Use Lease Assets 5 1,883 1,788Other Expenses 35 19,861 22,922TOTAL EXPENSES 45,028 44,705

III PROFIT BEFORE TAX (I - II) 8,034 1,660IV EXCEPTIONAL ITEMS (237) 396V PROFIT BEFORE TAX AND AFTER EXCEPTIONAL ITEMS FOR

THE YEAR ENDED (III - IV) 8,271 1,264

VI TAX EXPENSE - Current Tax 1,631 232 - Income Tax adjustment for earlier years 27 (113) - Deferred Tax 293 (399)

1,951 (280)VII PROFIT FOR THE YEAR ENDED (V - VI) 6,320 1,544VIII OTHER COMPREHENSIVE INCOME(a) OCI items not reclassified to profit and loss in subsequent

periods:Remeasurement of Net Defined Benefit Liability 25 (387)Fair Value movement equity instruments designated at FVOCI 51,456 (8,967)Income tax relating to items not reclassified to profit and loss in subsequent periods

(12,055) 1,646

Net OCI items not reclassified to profit and loss in subsequent periods 39,426 (7,708)(b) OCI items to be reclassified to profit and loss in subsequent

periods:Foreign currency translation reserve (34) 116Net OCI items reclassified to profit and loss in subsequent periods (34) 116Other Comprehensive Income for the year ended (net of tax) (VIII (a) + VIII (b))

39,392 (7,592)

IX TOTAL COMPREHENSIVE INCOME FOR THE YEAR ENDED (VII + VIII)

45,712 (6,048)

Total Comprehensive Income for the year attributable to:Non-controlling Interest 21,549 (2,851)Owners of the parent 24,163 (3,197)

X Earnings per Equity Share (for continuing operations) (Refer note 48)Nominal Value per share : `10(1) Basic 30.02 7.33(2) Diluted 30.02 7.33

See accompanying notes to financial statement 1 to 67

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2021

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A Equity Share Capital (` In Lakhs)

Particulars Balance at the Beginning of the reporting period

Chages in Equity Share Capital

during the period

Balance at the end of the Reporting

PeriodBalance as at March 31, 2020 2,105 - 2,105 Balance as at March 31, 2021 2,105 - 2,105

B Other Equity (` In Lakhs)

Particulars Retained Earnings

Securities Premium

account

Fair value movement


at FVOCI

Foreign Currency

Translation Reserve

General Reserve


Total

Balance as at April 01, 2019 1,20,971 527 92,559 (16) 16,844 1,160 2,32,045 Transition impact on implementation of Ind AS 116 (113) - - - - - (113)Retained Earnings - Transferred from current year P&L 1,544 - - - - - 1,544 Interim Dividend (Dividend per share ` 2.90) (611) - - - - - (611)Defined Employee benefit cost (387) - - - - - (387)Final Dividend (Dividend per share ` 0.60) (126) - - - - - (126)Dividend Distribution Tax (151) - - - - - (151)Transfer to General Reserve (331) - - - 331 - - Tax Impact 96 - 1,550 - - - 1,646 Fair value movement equity instruments designated at FVOCI

- - (8,967) - - - (8,967)

Foreign Currency Translation Reserve - - - 116 - - 116 Transfer to Contingency Reserve (1,190) - - - - 1,190 - Closing Balance as at March 31, 2020 1,19,702 527 85,142 100 17,175 2,350 2,24,996


Earnings Securities Premium

account

Fair value movement


at FVOCI

Foreign Currency

Translation Reserve

General Reserve


Total

Balance as at April 01, 2020 1,19,702 527 85,142 100 17,175 2,350 2,24,996 Retained Earnings - Transferred from current year P&L 6,320 - - - - - 6,320 Transfer To OCI (5) 5 - Interim Dividend (Dividend per share ` 5.10) (1,074) - - - - - (1,074)Defined Employee benefit cost 25 - - - - - 25 Final Dividend (Dividend per share ` 2.10) (442) - - - - - (442)Provision for Tax on Distributed Profit 67 - - - - - 67 Transfer to General Reserve (409) - - - 409 - - Tax Impact (6) - (12,049) - - - (12,055)Fair value movement equity instruments designated at FVOCI

- - 51,457 - - - 51,457

Foreign Currency Translation Reserve - - - (34) - - (34)Transfer to Contingency Reserve (1,380) - - - - 1,380 - Closing Balance as at March 31, 2021 1,22,798 527 1,24,555 66 17,584 3,730 2,69,260

* This reserve is set aside for any contingencies which may arise in future

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2021

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March 31, 2020A CASH FLOW FROM OPERATING ACTIVITIES

Profit before Tax after exceptional items 8,271 1,264 Adjusted for :Depreciation (inclusive of exceptional item) 2,028 2,881 Depreciation on Right of Use Lease Assets 1,883 1,788 (Profit)/Loss on sale of investments (29) 1 (Profit)/Loss on sale of fixed assets - 112 Fair value gain on investments measured at FVPL (46) - Actuarial movements reclassified to OCI 25 (387)Dividend Income (2,447) (4,022)Interest Income (5,021) (4,127)Interest paid 247 222 Interest on Right of Use Lease Assets 545 486 Ind AS adjustments -others (2,034) (1,337)Bad debts written off 273 684 Provision for doubtful debts /(written back) 213 1,609 Provision for impairment of Financial Instruments 44 - Foreign Exchange translation (34) - Sundry balances written back (127) (312)Finance Income (100) (68)Finance Cost 8 15 Reversal of provision (8) - Operating Profit before working capital changes 3,691 (1,191) Changes in working capitalInventoriesAdjustments for (increase) / decrease in operating assets :(Increase)/decrease in trade receivables (2,958) 2,900 (Increase)/decrease in stock in trade - - (Increase)/decrease in loan and advances (52,565) (13,570)(Increase)/ Decrease in other current assets (233) (465)Adjustments for increase / (decrease) in operating liabilities :Increase/(decrease) in trade payables 7,796 10,573 Increase/(decrease) in provisions 228 456 Increase/(decrease) in other current liabilities 10,306 5,201 Increase/(decrease) in long term liabilities 64,030 9,355 Cash generated from operations 30,295 13,259 Direct Taxes (paid)/ refund received (net) 2,654 (2,232)NET CASH FROM / (USED IN) OPERATING ACTIVITIES 32,949 11,027

B CASH FLOW FROM INVESTING ACTIVITIESCapital expenditure on fixed assets including capital advances (2,177) (3,336)Proceeds from sale of fixed assets 37 519 Purchase of Investments (4,229) (3,920)Proceeds from sale of investments 4,106 6,599 Interest On Income Tax Refund 578 13 Bank deposits not considered as cash and cash equivalents :- matured (net) (22,493) (1,897)Dividend distribution tax 67 - Fixed deposit placed with companies 3,587 - Decrease/ (Increase) in earmarked bank balances (1,454) * Interest received 4,444 3,743 Dividend received 2,447 4,022 NET CASH FROM / (USED IN) INVESTING ACTIVITIES (15,087) 5,743

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

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March 31, 2020C CASH FLOW FROM FINANCING ACTIVITIES

Short term borrowings/ (repayments) (net) (410) 995

Interest paid (247) (222)

Dividend Paid (1,516) (737)

Tax on Distributed Profit - (151)

NET CASH (USED IN) FINANCING ACTIVITIES (2,173) (115)

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS 15,689 16,655

Cash and cash equivalents (Opening Balance) 43,149 26,494

Cash and cash equivalents (Closing Balance) 58,838 43,149

Notes :

(1) Components of Cash and Cash equivalents

Balances with Banks 42,453 43,087

Cash and cheques on hand 435 62

Money lent on CBLO Transactions 15,950 -

Cash & Cash Equivalents considered for Cash flow 58,838 43,149

Other Bank Balances 11,681 6,105

Cash and Bank Balances as per note 14 & 15 70,519 49,254

Notes: i) The Company's bankers have sanctioned total fund based limits of ` 40,800 lakhs (March 31, 2020 - ` 10,800 lakhs) to finance

working capital requirements. The limit of ` 494.83 lakhs (March 31, 2020- ` 611.28 lakhs) were utilised as on Mar 31, 2021 ii) * Denotes amounts less than ` 1 lakh




CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2021

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021

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1. Corporate Information

Stock Holding Corporation of India Ltd. (SHCIL or Company) was promoted by the public financial institutions and incorporated as a limited company on July 28, 1986. Its registered office and principal place of business is 301, Centre Point, Dr. Babasaheb Ambedkar Road, Parel, Mumbai, India.

The financial statements of the Company have been prepared in accordance with Ind-AS as issued by the Ministry of Corporate Affairs (MCA).

SHCIL provides custodial and depository participant services, E-Stamping, professional clearing member services and other services. It provides services to institutional investors, banks, mutual funds and retail investors. SHCIL also acts as a central record keeping agency for collection and payment of non-judicial stamp duty in various states of India.

StockHolding Document Management Services Limited (formerly SHCIL Projects Limited) was incorporated on August 10, 2006 and is a wholly owned subsidiary of Stock Holding Corporation of India Ltd (SHCIL). The Company provides physical custody services, digitization services and sale of software products & services. The Company’s registered office is at Mahape, Navi Mumbai.

SHCIL Services Limited (Company or SSL) (formerly National Depository Corporation of India Ltd.) was incorporated on 14th February, 1995. It is engaged in the business of broking and advisory services from March 14, 2006. The Company’s registered office is at Mahape, Navi Mumbai.

StockHolding Securities IFSC Limited (SSIL) was promoted by the Stock Holding Corporation of India Ltd. (SHCIL) and incorporated as a limited company on July 16, 2018. It’s registered office and principal place of business is 518, Signature Building, Gift SEZ, Gift City, Gandhinagar, Gujarat, India.

With effect from 28th March, 2014, Stock Holding Corporation of India Limited (SHCIL) became a subsidiary of IFCI Ltd. and hence IFCI Ltd. is the Ultimate Holding Company for SHCIL Services Ltd, for StockHolding Securities IFSC Ltd and for StockHolding Document Management Services Ltd from the said date.

CIN: U67190MH1986GOI040506

2. Significant Accounting Policies

2.1. Overall Consideration

The financial statements have been prepared using the significant accounting policies and measurement bases summarised below. These were used throughout all periods presented in the financial

statements, except where the Group Companies have applied certain accounting policies and exemptions upon transition to Ind-AS.

2.2. Basis of Preparation

The financial statements comply in all material aspects with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, as applicable and other relevant provisions of the Act.

The financial statements have been prepared using the carrying cost basis except for certain assets and liabilities where fair value model has been used, e.g. derivative financial instruments, certain financial assets and liabilities measured at fair value, etc.

Accordingly, the Group Companies have prepared financial statements which comply with Ind-AS applicable for the year ended on March 31, 2021 together with the comparative data for the year ended on March 31, 2020, as described in the summary of significant accounting policies.

The financial statements are presented in Indian National Rupees (INR) and all values are rounded to the nearest lakhs, except when otherwise indicated.

Use of Estimates

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

2.3. Basis of Consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the year ended March 31, 2021. Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group.


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The group combines the financial statements of the parent and its subsidiaries line by line adding together like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Consolidated financial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances.

The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company, i.e. year ended March 31, 2021.

Following consolidation procedure is followed:

(a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognised in the consolidated financial statements at the acquisition date.

(b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill.

(c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting from intragroup transactions that are recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination of profits and losses resulting from intragroup transactions.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

2.4. Foreign Currency Translation

Functional and Presentation Currency

The financial statements are presented in INR, which is also the functional currency for the Company.

Foreign currency transactions and balances

i) Transactions denominated in foreign currency are normally recorded at the exchange rate prevailing at the date of transaction

ii) Any income or expenses on account of exchange difference either on settlement or on translation is recognised in the Statement of Profit and Loss

iii) Monetary items denominated in foreign currencies at the balance sheet date are restated at balance sheet date rates

iv) Non-monetary items denominated in foreign currencies are carried at cost

2.5. Revenue

Revenue arises from the sale of goods and the rendering of services. It is measured at the fair value of consideration received or receivable, excluding Goods and Service Tax, sales returns, trade discounts allowed.

The Group Companies applies the revenue recognition criteria set out below to each separately identifiable component of the sales transaction. The consideration received from these multiple-component transactions is allocated to each separately identifiable component in proportion to its relative fair value.

(a) Sale of Goods

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer (net of Goods and Service Tax, sales returns, trade discount).

(b) Rendering of services

Custodial fees are accrued monthly on the basis of daily / weekly average holdings in custody or the net asset value of holding/assets under management in the electronic segment.

Service charges received are recognised as income on completion of post-trading operations. A post trading operation is treated as complete on settlement under the electronic segment and on lodgement/ delivery of securities under the paper segment.

Annual maintenance charges received from beneficiary account holders / clearing members for depository services are amortised on time proportion basis over the period of contract.

Commission and brokerage income recognised on accrual basis.


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Commission income on initial public offer (IPO), follow on public offer (FPO) and interest on delayed payment Charges collected on cheques dishonoured/bounced are recognized on actual basis and are being booked on receipt basis.

Income from Physical Custody Services is recognized on a monthly basis as per agreements with customers.

Income from Digitization Services is recognized on percentage completion method.

Income from software products is recognized on delivery/installation of the software product.

Income from software services is recognized on percentage completion method.

(c) Interest and Dividends

Interest income, for all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate to the net carrying amount of the financial asset. Interest income is included in other income in the statement of profit and loss.

Dividend income is recognised when the right to receive dividend is established.

(d) Lease Income

Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit and loss due to its operating nature unless another systematic basis is more representative of the time pattern of the user’s benefit.

2.6. Property, Plant and Equipment

Items of Property, Plant and Equipment (PP&E) are stated at cost of acquisition less accumulated depreciation and accumulated impairment losses, if any. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.

Depreciation on PP&E is charged under the straight line method over the useful life of the assets as specified in Schedule II to the Companies Act, 2013 except for the below tabulated class of assets:

Asset Class Useful Life

adopted

Useful Life as per Companies

Act, 2013Computer servers and networks

4 years 6 years

Office Equipment – Mobiles

2 years 5 years

Vehicles 3 years 8 years

Building – Other than Mahape Building

58 years 60 years

SHCIL Mahape Building

63 years 60 years

The Group, based on technical assessment made by technical expert and management estimate, depreciates the assets over estimated useful lives.

The leasehold land and leasehold improvements will be depreciated over the period of lease.

An item of PP&E and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss when the asset is derecognised.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Depreciation is charged on a pro rata basis from the month of acquisition in case of addition and upto the previous month in case of sale/disposal.

In case of addition to the existing asset, where new asset purchased can be used only along with the existing asset, the depreciation will be calculated by taking into account the balance useful life of the existing asset from the month of acquisition of the new asset.

Assets costing less than Rs. 5,000/- individually are depreciated fully in the year in which such assets are purchased by our subsidiary StockHolding Document Management Services Limited.

Capital Work-in-progress

All directly attributable expenditure, including interest cost during the asset construction period, which are necessary to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management as at the balance sheet date are accumulated and presented as Capital Work-In-Progress. Assets under construction are not depreciated.


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2.7. Intangible Assets

(a) Initial Recognition of Other Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost.

Computer software which forms an integral part of the related hardware is capitalised along with the hardware as fixed asset. Software which are not an integral part of computer hardware and from which future economic benefits are expected are treated as intangible assets.

Software developed internally is recognised as an asset at cost when significant economic benefits are expected to accrue in future. Cost comprises all expenditure that can be directly attributed for creation, production and making the software ready for its intended use and excludes any tax for which input credit is taken.

(b) Subsequent Measurement

All finite-lived intangible assets, are accounted for using the cost model whereby capitalised costs are amortised on a straight-line basis over their estimated useful lives. Residual values and useful lives are reviewed at each reporting date. In addition, they are subject to impairment testing. The following useful lives are applied:

Asset Useful life

Software 3 years

Amortisation has been included within ‘depreciation and amortisation expense’.

Subsequent expenditures on the maintenance of intangible assets are expensed as incurred.

When an intangible asset is disposed off, the gain or loss on disposal is determined as the difference between the proceeds and the carrying amount of the asset, and is recognised in profit or loss within other income or other expenses.

The Group, based on technical assessment made by technical expert and management estimate, depreciates the building over estimated useful lives.

2.8. Lease Assets

A right-of-use asset representing the right to use the underlying asset and a lease liability representing the obligation to make lease payments is recognized for all leases over 1 year on initial recognition basis. Discounted, committed & expected future cash flows and depreciation on the asset portion on straight-line basis & interest on liability portion (net of

lease payments) on EIR basis is recognised over the expected lease term. No right-of-use asset is created for short term leases (i.e. lease term less than 1 year) and leases of low value items (i.e. lease of asset with original cost of less than Rs.1 lakh).

2.9. Leases

Group as a Lessee

Leases of property, plant and equipment where the group, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in borrowings or other financial liabilities as appropriate. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Company as lessee are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases.

Finance Leases

Management applies judgment in considering the substance of a lease agreement and whether it transfers substantially all the risks and rewards incidental to ownership of the leased asset. Key factors considered include the length of the lease term in relation to the economic life of the asset, the present value of the minimum lease payments in relation to the asset’s fair value, and whether the Company obtains ownership of the asset at the end of the lease term.

The interest element of lease payments is charged to profit or loss, as finance costs over the period of the lease.

Operating Leases

All other leases are treated as operating leases. Where the Company is a lessee, payments on operating lease agreements are recognised as an expense on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the user’s benefit. Associated costs, such as maintenance and insurance, are expensed as incurred.


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The company has adopted Ind-AS 116 “Leases” and applied to lease contracts existing on April 01, 2019 by electing the Modified Retrospective option (Para 5 (b) of the Application guidance of this standard) and has taken the cumulative adjustment to retained earnings, on the date of initial application.

2.10. Impairment of Assets

The group reviews the carrying values of tangible and intangible assets for any possible impairment at each balance sheet date. An impairment loss is recognized in the statement of profit and loss when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the assets net of selling price or value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value based on appropriate discount rate. If at the balance sheet date there is any indication that a previously assessed impaired loss no longer exists then such loss is reversed and the asset is restated to that extent.

For impairment assessment purposes, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level.

Cash-generating units (determined by the company’s management as equivalent to its operating segments) are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset’s (or cash-generating units) carrying amount exceeds its recoverable amount, which is the higher of fair value less costs of disposal and value-in-use. To determine the value-in-use, management estimates expected future cash flows from each cash-generating unit and determines a suitable discount rate in order to calculate the present value of those cash flows. The data used for impairment testing procedures are directly linked to the Company’s latest approved budget, adjusted as necessary to exclude the effects of future reorganisations and asset enhancements. Discount factors are determined individually for each cash-generating unit and reflect current market assessments of the time value of money and asset-specific risk factors.

2.11. Financial Instruments

Recognition, Initial Measurement and De-recognition

Financial assets and financial liabilities are recognised when the Group Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value

through profit or loss which are measured initially at fair value.

Subsequent measurement of financial assets and financial liabilities is described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.


All financial assets are recognised initially at fair value. Financial assets not recorded at fair value through profit or loss are recognised at fair value plus transaction costs that are attributable to the acquisition of the financial asset.


For purposes of subsequent measurement, financial assets are classified in four categories:

• Debt instruments at amortised cost

• Debt instruments at fair value through other comprehensive income (FVOCI)

• Equity instruments measured at fair value through other comprehensive income (FVOCI)

• Derivatives and equity instruments at fair value through profit or loss (FVTPL)

Debt Instruments at Amortised Cost

A ‘Debt Instrument’ is measured at the amortised cost if both the following conditions are met:

(a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

(b) Contractual terms of the asset give rise on specified dates to cash flows that are Solely Payments of Principal and Interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company and is generally applied to trade and other receivables. After initial measurement, such financial assets are subsequently measured at amortised cost using the Effective Interest Rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss.

Debt Instrument at FVOCI

A ‘Debt Instrument’ is classified as at the FVOCI if both of the following criteria are met:


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(a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

(b) The asset’s contractual cash flows represent SPPI.

Debt Instruments included within the FVOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the OCI. However, the Company recognizes interest income (recognised using the EIR method), impairment losses & reversals and foreign exchange gain or loss in the P&L. On de-recognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to P&L.

Equity Investments at FVOCI

The Company measures all equity investments at fair value. Where the Company’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are recognised in profit or loss as other income when the Company’s right to receive payments is established. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

Derivatives and Equity Investments at FVTPL

Changes in the fair value of derivatives and equity investments at fair value through profit or loss are recognised in other gain/ (losses) in the statement of profit and loss.

De-recognition

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash flows from the financial asset or

• Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients

Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is de-recognised. Where the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not de-recognised.

Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has

not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset.

Debt Instrument at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVOCI, is classified as at FVTPL.

In addition, the Company may at initial recognition elect to classify a debt instrument, which otherwise meets amortized cost or FVOCI criteria, as at FVTPL, if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch’).

Debt Instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

Impairment of Financial Assets

The Group Companies assess impairment based on Expected Credit Losses (ECL) model for the following:

• Financial assets measured at amortised cost

• Financial assets that are debt instruments measured at fair value through other comprehensive income (FVTOCI)

The Group Companies follow ‘simplified approach’ for recognition of impairment loss allowance on:

• Trade receivables or contract revenue receivables; and

• All lease receivables

Under the simplified approach, the Group Companies do not require to track changes in credit risk. Rather, it recognises impairment loss allowance based on life time ECLs at each reporting date, right from its initial recognition.

The Group Companies uses a provision matrix to determine impairment loss allowance on the portfolio of trade receivables. The provision matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

For recognition of impairment loss on other financial assets and risk exposure, the Group Companies determine whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-months ECL is used to provide for impairment loss. However,


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if credit risk has increased significantly, life time ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the Company reverts to recognising impairment loss allowance based on 12-months ECL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss (P&L).

For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant increases in credit risk to be identified on a timely basis.

2.12. Fair Value Measurement

Financial instruments, such as, derivatives, equity investments, etc are measured at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group Companies use valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,

maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Group Financial Liabilities


Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost.

All financial liabilities are recognised initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group Companies financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.


The measurement of financial liabilities depends on their classification, as described below:

Financial Liabilities at Fair Value through Profit or Loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. The Company has classified derivative financial instruments and guarantees as fair value through profit or loss.


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Gains or losses on such liabilities are recognised in the profit or loss. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income.

Loans and Borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the ‘Effective Interest Rate’ (EIR) method.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

This category generally applies to interest-bearing loans and borrowings.

Financial Guarantee Contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined as per impairment requirements of Ind-AS 109 and the amount recognised less cumulative amortisation.

De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

2.13. Current Income Taxes

Tax on income for the current period is determined on the basis of estimated tax income and tax credit computed in accordance with the provision of relevant tax laws and on the expected outcomes of assessments/appeals.

Current income tax relating to item recognised directly in equity, shall be recognised in equity and not in the statement of profit and loss. Management periodically evaluates position taken in tax returns with respect to situation in which applicable tax regulations or subject to interpretation and establishes provisions where appropriate.

Tax expense for the period, comprising current tax and deferred tax, are included in the determination of the net profit or loss for the period. Provision for current income tax is made on the basis of the assessable income under the Income tax Act, 1961.

Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive income or directly in equity.

Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method.

Deferred tax assets are recognised to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilised against future taxable income. This is assessed based on the Company’s forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit.

Deferred tax liabilities are generally recognised in full, although Ind-AS 12 ‘Income Taxes’ specifies limited exemptions. As a result of these exemptions the Company does not recognise deferred tax on temporary differences relating to its investments in subsidiaries.

2.14. Equity, Reserves and Dividend Payments

Share capital represents the nominal (par) value of shares that have been issued. Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits. Other components of equity include the following:

• Re-measurement of net defined benefit liability – comprises the actuarial losses from changes in demographic, experience and financial assumptions and the return on plan assets

• Reserves for financial instruments measured at FVOCI

• Tax impact related to the above

Retained earnings includes all current and prior period retained profits.

Final dividend distributions payable to equity shareholders are included in other liabilities when the dividends have been approved in a General meeting prior to reporting date, except interim dividend which is approved in Board meeting.

2.15. Inventories

Inventories are carried in financial statements lower of cost or net realisable value.


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2.16. Cash and Cash Equivalents

Cash and cash equivalents includes balance with banks, deposit accounts with less than three months maturity, cash & cheques in hand and money lent on collateralised lending & borrowing obligation transactions.

2.17. Post-employment Benefits and Short-term Employee Benefits

Post-employment Benefit Plans

The Group Companies Provide post-employment benefits through various defined contribution and defined benefit plans.

Defined Contribution Plans

Employee Benefits in the form of Provident Fund and Superannuation Fund are considered as defined contribution plans and the contributions are charged to the Statement of Profit and Loss of the period when the respective contributions are due.

Defined Benefit Plans

Retirement Benefit in the form of gratuity is considered as defined benefit obligation (DBO) and is provided for on the basis of an actuarial valuation using the projected unit credit method, as at the date of the balance sheet. Actuarial gain or losses if any are immediately recognised in the statement of Profit & Loss.

Management estimates the DBO annually with the assistance of independent actuaries. This is based on standard rates of inflation, salary growth rate and mortality. Discount factors are determined close to each reporting date by reference to government or high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability.

Service cost on the Group Companies defined benefit plan is included in employee benefits expense. Employee contributions, all of which are independent of the number of years of service, are treated as a reduction of service cost. Net interest expense on the net defined benefit liability is included in finance costs. Gains and losses resulting from re-measurements of the net defined benefit liability are included in other comprehensive income.

Short-term Employee Benefits

Short-term employee benefits, including leave entitlement, are current liabilities included in pension and other employee obligations, measured at the undiscounted amount that the Company expects to pay as a result of the unused entitlement.

2.18. Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of

past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and as realisable estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to passage of time is recognised as a finance cost.

2.19 Contingent Liabilities and Commitments

Contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or a present obligation that arises from past events. Contingent liability is not recognised as it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured reliably. Contingent Liabilities are not recognised but are disclosed in the financial statements.

2.20 Contingent Assets

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. A contingent asset is not recognised however disclosed in the financial statements.

2.21. Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the Year attributable to equity shareholders by the weighted average number of equity shares outstanding during the Year. For the purpose of calculating diluted earnings per share, the net profit or loss for the Year attributable to equity shareholders and the weighted average number of shares outstanding during the Year is adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive.

3. Significant accounting Judgements, Estimates and Assumptions

When preparing the financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses.

The following are significant management judgements in applying the accounting policies of the Company that have the most significant effect on the financial statements.


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Recognition of Deferred Tax Assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability that future taxable income will be available against which the deductible temporary differences and tax loss carry-forwards can be utilised. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties in various tax jurisdictions.(Refer Note No- 22)

Useful lives of Depreciable Assets

Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain software and IT equipment.(Refer Note No-2.6)

Impairment of Non-financial Assets

The Group Companies assess annually at the Financial Year end whether there is an indication that an asset maybe impaired. If any indication exists, or when annual impairment testing is required, the Group Companies estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s (Cash Generating Unit) fair value less costs of disposal or its value in use. It is determined for an individual asset, unless the assets dose not generate cash inflows that are largely independent of those from other assets or group of assets. Where the carrying amount of an assets or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable value.

In assessing value in use, the estimated future cash flow is discounted to their present value using a

pre-tax discount rate that’s reflect current market assessments of the time value of money and the risks specific to the asset. In determining fair value less cost of disposal, recent market transactions are taken into account. If no such transaction can be identified, an appropriate valuation model is used. These calculations are corroborated by valuations multiples or other available fair value indicators.

Defined Benefit Obligation (DBO)

Management’s estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses. (Refer Note No- 44)

Insurance Claims

Insurance claims are accounted for on the basis of claims admitted/expected to be admitted to the extent that the amount recoverable can be measured reliably and it is reasonable to expect ultimate collection.


Management uses valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and non-financial assets. This involves developing estimates and assumptions consistent with how market participants would price the instrument. Management bases its assumptions on observable data as far as possible but this is not always available. In that case management uses the best information available. Estimated fair values may vary from the actual prices that would be achieved in an arm’s length transaction at the reporting date. (Refer Note-36)


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4 Property, Plant and Equipment Following are the changes in the carrying value of Property, Plant and Equipment for the year ended

March 31, 2021 :

(` In Lakhs)

Particulars Lease hold Land

Buildings * Plant and Machinery

Computers Furniture and

Fixtures

Office Equip-

ment

Vehicles Lease hold

Improve- ments

Total

Gross carrying value as at April 01, 2020

214 9,281 8,491 5,037 1,543 884 461 253 26,164

Additions - 357 976 317 34 73 9 123 1,889

Deletions - - 3 33 3 6 69 1 115

Gross carrying value as at March 31, 2021

214 9,638 9,464 5,321 1,574 951 401 375 27,938

Accumulated depreciation as at April 01, 2020

62 901 2,885 3,822 1,156 628 316 83 9,853

Depreciation 6 171 623 737 95 115 72 51 1,870

Accumulated depreciation on deletions

- - 2 30 3 5 37 1 78

Accumulated depreciation as at March 31, 2021

68 1,072 3,506 4,529 1,248 738 351 133 11,645


146 8,566 5,958 792 326 213 50 242 16,293


149 8,381 5,609 1,214 387 259 145 169 16,313

Note:

1. * Buildings includes ` 408/- being the cost of 8 shares held in a Co-op Housing society.

2. There are no adjustments to Gross block on account of foreign exchange fluctuations or borrowing costs

5 Right of use Lease Assets Following are the changes in the carrying value of Right of use Lease Assets for the year ended March 31, 2021 :

(` In Lakhs)

Particulars Right of use Lease Assets

Total

Gross carrying value as at April 01, 2020 7,155 7,155

Additions 1,623 1,623

Deletions - -

Gross carrying value as at March 31, 2021 8,778 8,778

Accumulated depreciation as at April 01, 2020 2,624 2,624

Depreciation 1,883 1,883

Accumulated depreciation on deletions - -

Accumulated depreciation as at March 31, 2021 4,507 4,507




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6 Other Intangible AssetsThe changes in the carrying value of Other Intangible Assets for the year ended March 31, 2021 are as follows:

(` In Lakhs) Particulars Computer

Software Total

Gross carrying value as at April 01, 2020 1,654 1,654 Additions 45 45 Deletions - - Gross carrying value as at March 31, 2021 1,699 1,699

Accumulated depreciation as at April 01, 2020 1,420 1,420 Depreciation 158 158 Accumulated depreciation on deletions - - Accumulated depreciation as at March 31, 2021 1,578 1,578

Carrying Value as at March 31, 2021 121 121 Carrying Value as at March 31, 2020 234 234

7 Non- Current Investments

(` In Lakhs)




Other Companies - Unquoted

2,20,00,000 (March 31, 2020 - 2,20,00,000) National Stock Exchange of India Ltd.

1 2,42,999 1,91,662

2,42,999 1,91,662

Non Trade - Fully Paid - at Cost

Equity Shares (Non trade - Fully paid-up)

Quoted

43,500 (March 31, 2020 - 43,500) BSE Ltd. 2 248 129

- (March 31, 2020 - 1326) Repco Home Finance 10 - 2

248 131


Quoted

- (March 31, 2020 - 47,000) 10.25% GS 2021 100 - 50

- (March 31, 2020 - 5,00,000) 6.97% GOVT STOCK 2026

100 - 506

15,00,000 (March 31, 2020 - Nil) 8.15% GOVT STOCK 2022**

100 1,636 -

10,00,000 (March 31, 2020 - Nil) 6.45% GOVT STOCK 2029**

100 1,074 -

2,710 556

Tax Free Secured Redeemable Non Convertible Bonds

Quoted

100 (March 31, 2020 - 100) 7.21% Indian Railway Finance Corporation Ltd.2022

10,00,000 1,033 1,033

50,000 (March 31, 2020 - 50,000) 8.01% Rural Electrification Corporation Ltd.2023

1,000 513 513

50,000 (March 31, 2020 - 50,000) 8.14% Housing and Urban Development Corporation Ltd 2023

1,000 518 518


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(` In Lakhs)




16,105 (March 31, 2020 - 16,105) 8.18% NHPC Limited 2023

1,000 174 174

15,832 (March 31, 2020 - 15,832) 8.41% NTPC Limited 2023

1,000 162 162

6,384 (March 31, 2020 - 6,384) 8.25% National Housing Bank 2024

5,000 320 320

250 (March 31, 2020 - 250) 8.39% IFCI Ltd 2024 10,00,000 2,500 2,500

32,389 (March 31, 2020 - 32,389) 8.18% Power Finance Corporation Ltd 2023

1,000 334 334

5,554 5,554

Non Convertible Debenture

Quoted

1,975 (March 31, 2020 - 1,975) 8.49% NTPC Ltd 2025

12.5 * *

* *

Mutual Funds

Quoted

22,400 (March 31, 2020 - NIL) Nippon India Fund ETF Gold BeES

100 9 -

9 -

Unquoted

- (March 31, 2020 - 50,00,000) Invesco India FMP Sr. 30 Plan A (1223 Days) - Direct Sub Plan

10 - 596

87,939 ((March 31, 2020 - 87,939) Franklin Low Duration Fund Monthly Div

50 8 19

50,00,000 (March 31,2020 - Nil) Aditya Birla SunLife Floating Rate Fund- Growth Direct Plan

10 507 -

515 615

TOTAL 2,52,035 1,98,518

Aggregate amount of quoted investments 8,521 6,241

Market value of quoted investments 8,997 6,608

Aggregate amount of unquoted investments 2,43,514 1,92,277

* Denotes amounts less than ` 1 lakh

** Security deposited as margin with CCIL


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(` In Lakhs)



Financial Assets

8 Non Current - Loans


Staff loans - considered doubtful 2 2

Less: Provision for staff loans (2) (2)

Security and other deposits - considered good 10,662 14,420

10,719 14,492

9 Other Non-current Financial Assets

Long term deposits with banks with original maturities more than 12 months *

48,598 30,104

Fixed Deposits with companies - 3,710

48,598 33,814 * Fixed deposits with banks aggregating to ` 11,881 Lakhs (As at March 31, 2020 - ` 10,268 Lakhs) against which lien has been marked by the banks as security for guarantees issued on behalf of the Company. It also includes fixed deposits with banks aggregating to ` 34,104 Lakhs (As at March 31, 2020 - ` 17,996 Lakhs) deposited with the Stock Exchanges and State Governments as margin deposit. ` 5 lakhs is lien with VAT authorities (As at March 31, 2020 - ` 5 lakhs)

10 Non-current Tax Assets

Advance payment of tax and tax deducted at source 3,203 7,515

(Net of provision for taxation ` 35,063 Lakhs (March 31, 2020 ` 31,091 Lakhs)

3,203 7,515

11 Other Non-current Assets

Capital Advances 304 644

Prepayments 134 163

Others 8 19

446 826


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12 Current Investments

(` In Lakhs)




Current portion of long-term investments


Quoted

- (March 31, 2020- 25,000) 11.60% GS 2020 100 - 26

- (March 31, 2020- 20,00,000) 364 DTB (04-JUN-2020) 2020

100 - 1,980

- (March 31, 2020 - 1000) 10.70% G.S. 2019 100 - 1

- (March 31, 2020 - 10,00,000) 6.65% G.S. 2020 100 - 1,033

47,000 (March 31, 2020 - NIL) 10.25% GS 2021** 100 49 -

49 3,040

Current Investments

Mutual Funds Liquid Investment

Unquoted

4,835.17 (March 31,2020 - Nil) LIC Nomura Liquid Fund 1,098 53 -

50,167 (March 31,2020 - Nil) Baroda Liquid Fund 1,002 503 -

2.84 (March 31,2020 - Nil)Aditya Birla Sunlife Liquid Plus

180 * -

- (March 31,2020- 17,916.25 Units)IDBI Mutual Fund

1,002 - 180

50,00,000 (March 31, 2020 - 5000000) Invesco India FMP Sr. 30 Plan A (1223 Days) - Direct Sub Plan

1,000 633 -

1,189 180

1,238 3,220

Aggregate amount of Quoted Investments 49 3,040

Market value of Quoted Investments 48 3,006

Aggregate amount of Unquoted Investments 1,189 180

** security deposited as margin with CCIL

(` In Lakhs)



Financial assets - Current

13 Trade Receivables *

(Unsecured)

Trade Receivables considered good - Unsecured 11,334 9,331

Trade Receivables which have significant increase in Credit Risk 977 1,528

Trade Receivable- Credit Impaired 2,904 1,389

15,215 12,248

Less: Allowance for doubtful debts (3,386) (2,917)

11,829 9,331

Less: Expected Credit Loss on Trade Receivables (55) (49)

11,774 9,282

* Includes ` 0.18 Lakhs (March 31, 2020 - ` 34.14 Lakhs) due from IFCI Ltd


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(` In Lakhs)



14 Cash and cash equivalents

Balances with banks - In current accounts 37,037 42,503


5,416 584

Cheques in hand 16 -

Cash and stamps in hand 419 62

Money lent on CBLO transactions 15,950 -

58,838 43,149

15 Bank balances other than cash and cash equivalents

Bank deposit accounts (more than 3 months but less than 12 months maturity) *

10,225 6,103


1,454 -

Earmarked balances with banks 2 2

11,681 6,105 * Other Bank Balances in deposit accounts includes fixed deposits with banks aggregating to ` 4,411/- Lakhs (As at March 31, 2020 - ` 1,212/- lakhs) against which lien has been marked by the banks as security for guarantees issued on behalf of the Company.

16 Loans

Advances receivable - considered good 3,676 958

Advances receivable in cash or in kind - considered doubtful 910 928

Less: provision for doubtful advances (910) (928)


Security and other deposits - considered good 30 173

3,771 1,224

17 Other Financial Assets

Unbilled revenue 1,718 1,661

Amounts due on settlement from Clearing House (Refer note 43) 13,657 2,252

Amounts recoverable from government towards stamp duty payments 793 3

Amounts recoverable from Reserve Bank of India towards Relief Bonds redemption (net)

323 53

Advance to SHCIL Employees Group Gratuity Fund 25 10

Amounts due on settlement from Clients and Brokers (Refer note 43) 1,05,743 64,505

Others - 1

1,22,259 68,485

18 Other Current Assets

Prepayments 1,515 1,222

Goods and Services Tax Input Credit 1,160 1,287

Others 374 268

3,049 2,777


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(` In Lakhs)



19 Equity Share Capital

Authorised Capital

50,000,000 Equity shares of ` 10/- each 5,000 5,000

Issued, Subscribed and Paid up capital

21,054,400 Equity shares of `10/- each fully paid up 2,105 2,105

2,105 2,105

a) The number of shares outstanding at the year ended March 31, 2021 and March 31, 2020 are the same.

b) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of `10 per share . Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) Equity shares held by holding company






d) Details of shareholders holding more than 5% of the aggregate shares in the company




Name of shareholder : Administrator of the Specified Undertaking of the Unit Trust of India



Name of shareholder : Life Insurance Corporation of India



e) Information regarding issue of shares in the last five years :

- The company has not issued any shares without payment being received in cash.

- The company has not issued any bonus shares.

- The company has not undertaken any buy-back of shares.


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(` In Lakhs)



20 Right of Use Lease Liabilities - Non Current


3,779 3,723

21 Long Term Provisions

Provision for Employee Benefits (Refer note 44)

- Compensated Absences 1,188 954

- Gratuity * 5

Provision for Claims (Refer note 41) 2,446 2,446

3,634 3,405 * denotes amount less than Rs. 1 lakh

22 Deferred Tax Liabilities (Net)

The major components of deferred tax assets and liabilities arising on account of timing differences are as under :

Deferred Tax Liabilities

Fair value of Investments 56,886 44,799

Depreciation 876 733

57,762 45,532

Deferred Tax Assets

Provision for Doubtful Debts/Advances 1,108 1,064

Provision for Claims 616 616

Depreciation 24 25

Unabsorbed Business Loss 988 1,214

Employee Benefits 414 375

Right of use lease assets 289 261

Others * *

3,439 3,555

Net Deferred Tax Liabilities 54,323 41,977 * denotes amount less than Rs. 1 lakh

23 Other Non-current Liabilities

Advance Depository Participant charges 45 51

Deposits from Customers 2,230 2,138

2,275 2,189

Financial Liabilities

24 Borrowings

Cash Credit Facility* 495 611

Bank Overdraft - Secured ** 1,436 1,808

Other loan and advances 79 -

2,010 2,419

* With IDBI Bank secured by an exclusive charge on entire present and future current assets of the StockHolding Document Management Services Limited including cash and cash equivalents

** With IDBI Bank - ̀ 438.58 lakhs and SBI ̀ - 997.77 lakhs secured against fixed deposits placed by the parent company viz Stockholding and with IDFC Bank (debit ` 0.08 lakhs) secured against fixed deposit placed by the company.


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(` In Lakhs)



25 Right of Use Lease Liabilities - Current


1,132 1,355

26 Trade Payables

Due to Micro, Small and Medium Entreprises (Refer note 42) 32 488

Other than Micro, Small and Medium Entreprises 20,988 14,562

Margin money from clients 17,096 15,274

Provision for expenses 2,837 2,833

40,953 33,157

27 Other Financial Liabilities

Unclaimed Dividend 2 2

(Unclaimed amounts are transferred to the Investor Education and Protection Fund when due)

Unclaimed redemption proceeds and interest on Relief and Saving Bonds 1,952 2,000

Amounts due on settlement to Clearing House (Refer note 43) 51,149 59,895

Amounts due on settlement to Clients and Brokers (Refer note 43) 68,573 6,399

Amounts payable to Government on account of stamp duty collection 10,338 255

Amounts payable to Reserve Bank of India on account of

distribution of Relief Bonds/Inflation indexed bonds (net) - 1,472

Amount payable to PFRDA on account of NPS 1,559 29

Other creditors for capital expenses 585 706

Other Liabilities:

- Provision for expenses 1,063 1,108

- Employee Benefits payable 1,959 1,074

- Other 436 767

1,37,616 73,707

28 Other Current Liabilities

Advance Depository Participant charges 821 818

Advances from Customers 29,366 19,349

Statutory dues including Provident Fund and Taxes (includes amount due on settlement)

1,456 1,185

31,643 21,352

29 Short term Provisions

Provision for Employee Benefits (Refer Note 44)

Provision for Gratuity 208 299

Provision for Compensated Absences 251 231

459 530


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(` In Lakhs)



30 Revenue from Operations

Custodial Services 219 198

Depository Participant Services 11,819 11,837

Commission and brokerage 26,003 18,104

Derivatives clearing services 815 653

Document management income 3,838 5,148

Sale of Goods 2,216 1,384

Other Operating Revenue 328 321

45,238 37,645

31 Other Income

Interest (Gross)

- Govt. Securities & Bonds 753 848

- Deposits with banks 3,273 3,038

- Others 417 229

- Interest on Income Tax Refund 578 13

Dividend on long term investments 2,427 3,929

Dividend on current investments 20 93

Profit on sale of non current investments (net) measured at FVTPL 29 18

Fair value gain on investments measured at FVTPL 46 49

Sundry balances written back (net) 127 312

Miscellaneous Income 154 191

7,824 8,720

32 Employee Benefit expense

Salaries, Allowances and Bonus 15,357 13,068

Contribution to provident and other funds 1,186 1,114

Employee costs - Gratuity 301 282

Staff welfare expenses 550 846

17,394 15,310

33 Finance Costs

Interest on Bank Overdraft 198 181

Interest expense - Others 14 41

Interest on CBLO Borrowings * *

Interest on Right of Use Lease Liability 545 486

Ancillary borrowing costs 36 -

Interest on term loan * -

793 708

* denotes amount less than Rs. 1 lakh

34 Sub-brokerage Expenses

Sub-brokerage Expenses 929 164

929 164


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(` In Lakhs)



35 Other expenses

Outsourcing Expenses 2,334 3,351

Feet on Street 195 644

Depository Participant / Custodian Fees 1,568 1,410

Software Expenses 1,086 1,102

Rent 143 337

Rates and Taxes 223 276

Electricity Charges 811 900

Insurance Charges 624 367

Repairs and Maintenance:

- Buildings 410 714

- Plant and Machinery 1,158 1,216

- Others 451 595

Fuel Expenses 14 26

Travelling and Conveyance 388 626

Postage and Courier 243 294

Telephone and Communication 715 839

Printing and Stationery Charges 555 685

Legal and Professional 691 1,236

Audit Fees (Refer note 46) 81 79

Technical Know-how Fees 1,293 987

Loss due to Exchange Rate fluctuation - 1

Corporate Social Responsibility / Donations(Refer note 53) 153 53

Claims paid 12 17

Bad debts written off 273 684

Provision for doubtful debts/ advances 213 1,609

Loss on sale/discarded Fixed Assets - 112

Loss on sale of current investments measured at FVPL 58 19

Advertisement and Publicity 176 370

Commission and brokerage to selling agents 4,010 2,119

Commodity Expenses 149 384

Security Services 383 415

Meeting and Conference expenses 53 100

Training & recruitment 85 139

Exchange Charges 329 308

Other Miscellaneous Expenses 984 908

19,861 22,922

* denotes amount less than ` One Lakh


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36 Fair Value Measurements

Financial Instruments by Category (` In Lakhs)


FVTPL FVTOCI Amortised cost

Category FVTPL FVTOCI Amortised cost

Category

Financial assets: Non-current

Non Current Investments

Trade Investments - Other companies - unquoted

- 2,42,999 - Level 2 - 1,91,662 - Level 2

Non trade quoted Equity Shares - 248 - Level 1 - 131 - Level 1

Quoted Government Securities - - 2,710 - - 556

Quoted Tax free Secured Redeemable Non-convertible Bonds

- - 5,554 - - 5,554

Quoted Non Convertible Debentures

- - * - - *

Mutual Funds - Quoted 9 - - Level 1 - - - Level 1

Mutual Funds - Unquoted 515 - - Level 1 615 - - Level 1

Loans and Deposits - - 10,719 - - 14,492

Other Non-current Financial Assets

- - 48,598 - - 33,814

Financial assets: Current

Current Investments

Quoted Government Securities - - 49 - - 3,040

Non trade quoted Equity Shares - - - Level 1 - - -

Mutual funds - unquoted 1,189 - - Level 1 180 - - Level 1

Trade and Other Receivables - - 11,774 - - 9,282

Cash and Cash Equivalents - - 58,838 - - 43,149

Bank Balances other than above

- - 11,681 - - 6,105

Loans - Current - - 3,771 - - 1,224

Other Current Financial Assets - - 1,22,259 - - 68,485

Total Financial Assets 1,713 2,43,247 2,75,953 795 1,91,793 1,85,701

Financial Liabilities: Current

Borrowings - - 2,010 - - 2,419

Right of Use Lease Liabilities - - 1,132 1,355

Trade Payables - - 40,953 - - 33,157

Other Current Financial Liabilities

- - 1,37,616 - - 73,707

Financial Liabilities: Non-Current

Right of Use Lease Liabilities - - 3,779 - - 3,723

Total Financial Liabilities - - 1,85,490 - - 1,14,361



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I. Fair Value Hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level have been provided below.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices listed in NSE / BSE

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Valuation Techniques

Weighted average price of last six months trades between Resident to Resident is considered for valuation of NSE shares at each reporting period.

Valuation of Derivative contracts have been arrived on the basis of forward rates available in the market for the balance maturity of the instrument.

II. Fair value of Financial Assets and Liabilities measured at Amortised Cost

(` In Lakhs) Particulars March 31, 2021

Fair valueMarch 31, 2020

Fair valueFinancial Assets:Non-current Investments:

Quoted Government Securities 2,710 556 Quoted Tax free Secured Redeemable Non-convertible Bonds 5,554 5,554 Quoted Non-convertible Debentures * *

Loans - Non-current 10,719 14,492Other Non-current Financial Assets 48,598 33,814Current Investments: Quoted Government Securities 49 3,040Trade and Other Receivables 11,774 9,282Cash and Cash Equivalents 58,838 43,149Bank Balances other than above 11,681 6,105Loans - Current 3,771 1,224Other Current Financial Assets 1,22,259 68,485Total Financial Assets 2,75,953 1,85,701

Financial Liabilities: CurrentBorrowings 2,010 2,419Right of Use Lease Liabilities 1,132 1,355Trade Payables 40,953 33,157Other Current Financial Liabilities 1,37,616 73,707Financial Liabilities: Non-CurrentRight of Use Lease Liabilities 3,779 3,723Total Financial Liabilities 1,85,490 1,14,361


Fair Value at Amortised Cost

The management assessed that fair value of Loans non current, Other non current financial assets, Trade & other Receivables, Cash and Cash Equivalents, Bank Balances, Loans Current, Other Current Financial Assets, Security Deposit paid and received, Trade Payables, Other Current Financial Liabilities is same as their carrying amounts. These items have been categorised as level 3 due to use of Unobservable inputs for fair valuation.


118


37 Financial Risk Management

The Company’s principal financial liabilities, comprise trade and other payables, security deposits and employee liabilities. The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its operations.The Company’s principal financial assets include loans & advances, trade and other receivables, short-term deposits and cash / cash equivalents that derive directly from its operations. The Company also holds FVTOCI investments and enters into derivative transactions.

The Company is exposed to a number of different financial risks arising from natural business exposures as well as its use of financial instruments including equity price and credit risk.

The Risk Management Commitee comprised of senior management oversees the management of these risks. The Company’s senior management is supported by a Risk Management Compliance Board that advises on financial risks and the appropriate financial risk governance framework for the Company. The Risk Management Committee provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies, risk objectives and risk appetite.

The Board of Directors oversee the risk management activities for managing each of these risks, which are summarised below:

Credit Risk:

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The company is exposed to credit risk from investments measured at amortised cost, staff loans, security and other deposits, loans to subsidiaries, deposits with banks and others parties, trade and other receivables.

The Company periodically assesses the financial reliability of the counterparty, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual limits are set accordingly.

Investments at amortised cost are placed in government securities and high quality corporate and tax free bonds which is not having any significant credit risk. Inter corporate deposits and loans are mostly placed with group companies and hence the risk of credit loss is negligible. Staff loans are recovered through regular salary payments and in case of resignation and retirement, the same is recovered from full & final settlement of the employees.

Security and other deposits are reassessed at every reporting dates and are mostly placed for leases, which can be adjusted against rental payments.

Trade Receivable: The company trades with recognized and credit worthy third parties. As per the Company’s policy all credit customers are expected to pay within due date. In addition, receivable balances are monitored on an ongoing basis for recovery.

Reconciliation of Loss Allowance

(` In Lakhs) Particulars March 31, 2021 March 31, 2020Opening Balance 2,966 1,671 Created / (Utilized) during the year 475 1,295 Closing Balance 3,441 2,966

Break up of Loss Allowance

(` In Lakhs) Particulars March 31, 2021 March 31, 2020Allowance for doubtful debts 3,386 2,917 Expected Credit Loss on Trade Receivables 55 49 Total 3,441 2,966

Price Risk:

The Investments made by StockHolding is subject to price risk as outlined in the Notes to Financial Statements.The Investments are reviewed periodically for the performance of the portfolio. Liquidity and Conservatism are the primary considerations of the Investment Policy framework which are followed.


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38 Capital Management The company’s capital includes issued share capital and all other distributable reserves. The primary objective of the

Company’s Capital Management is to maximise shareholder value and to maintain an optimal capital structure to reduce the cost of capital. The company does not have any long term and short term borrowings and all its capital needs are either met by internal accruals i.e. surplus balances of previous years or by effective management of its working capital. As at the balance sheet date, the company’s share capital and distributable reserves are:

(` In Lakhs)

Particulars March 31, 2021 March 31, 2020Share Capital 2,105 2,105 Working Capital (1,201) 1,722 External Current Borrowing 2,010 2,419

39 Contingent Liabilities (` In Lakhs)



A) Claims against the Company not acknowledged as debts

i) Income Tax demand 54 174

ii) Claims by a bank not acknowledged by the Company (refer note 41 below)



iii) Other claims not acknowledged as debt 724 724

The Company is a party to various legal proceedings in the normal course of business and does not expect the outcome of these proceedings to have any adverse effect on its financial conditions, results of operations or cash flows. Further, claims by parties in respect of which the Management have been legally advised that the same are frivolous and not tenable, have not been considered as contingent liabilities as the possibility of an outflow of resources embodying economic benefit is highly remote.

B) Bank Guarantees

i) Provided to stock exchanges (backed by counter guarantees, cash collateral and securities)

18,500 18,100

ii) Provided to stock exchanges (backed by cash collateral) on behalf of subsidiary SHCIL Services Ltd

2,000 2,000

iii) Other Bank Guarantees 3,986 3,757

iv) Corporate guarantee issued to MMTC 1,000 1,000

v) FD placed against OD limits given to StockHolding DMS 1,436 1,808

vi) Corporate guarantee issued to IDBI Bank & SBI against CC and BG limits given to SDMS

4,000 800

40 Capital and other commitments :

Estimated amount of contracts to be executed on capital account, not provided for (net of advances) – ` 3,070. (As at March 31, 2020 - ` 2,761 lakhs).

41 Stockholding Corporation of India Limited

The Company had during the year 2000-01 undertaken a transaction of ` 2,445 lakh with a client through the Calcutta Stock Exchange (CSE) under the ‘Cash on Payout’ scheme for the sale of 7,20,000 equity shares of DSQ Industries Limited. The said transaction was confirmed by CSE based on which postdated cheques were issued. The cheques were stopped for payment before their due date by the Company as the underlying trade transaction was contended to be non-bonafide and disallowed by CSE. A Bank, which had granted financial assistance against the said cheques, issued a notice of demand against the Company under Section 138 of the Negotiable Instrument Act, 1881. The Bank also filed an application in the Debt Recovery Tribunal (DRT) for recovery of the amount along with compound interest from the Company and the client. The Company disputed the claim of the Bank. The Bank’s application to the DRT was dismissed and only the client was held liable. The Bank and the client had filed an appeal in the Debt Recovery Appellate Tribunal (DRAT) against the order of DRT. The appeals were allowed vide the DRAT order dated September 23, 2011, which stated that the amount would carry compound interest from August 1, 2001 @ 19% p.a. with quarterly rests till realisation and the Bank was entitled to realize the sum from both the client and


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the Company. The Company filed a Revision Application in High Court, Calcutta on November 30, 2011 which was admitted but no interim relief was granted. Hence, the Company filed a Special Leave Petition (SLP) in the Supreme Court for stay of the High Court Order for not granting interim relief of staying the DRAT order, the Order of the DRAT and the recovery certificate and notice of demand issued by Presiding Officer and recovery officer of DRT respectively. The Supreme Court vide its order dated April 23, 2012 granted stay on the recovery proceedings and requested the Calcutta High Court to dispose off the Revision Application within a period of four months and the Company to deposit ` 3,000 lakh with the Calcutta High Court Registry within a period of 4 weeks from the date of order by way of a short term deposit in a nationalized bank. Accordingly, the Company had deposited the money with the Calcutta High Court, Registry. The Revision application was dismissed. The Company filed Special Leave Petition (SLP) in the Supreme Court in May 2015. The Supreme Court vide its order dated May 14, 2015 stayed the operation of the execution proceedings and the Company to deposit with the Registrar, Supreme Court of India, a fixed deposit receipt in the name of the Company and endorsed in favour of the Registrar an amount of not less than ` 3,000 lakh. Accordingly, the Company made the deposit. The amount of ` 6,000 lakh, deposited by the Company in the High Court (` 3,000 lakh) and Supreme Court (` 3,000 lakh) is shown under the heading “Long Term Loans and Advances” under the sub-heading “Security and other deposits” in the Statement of Balance Sheet. The bank was granted liberty to withdraw ` 3,000 lakh along with interest that had been lying as deposit before the High Court of Kolkata which is subject to final decision in the SLP. Accordingly, an amount of ` 38,04,44,259.69/- was released to the Bank. Further by an order dated October 12, 2015, the Supreme Court directed the bank to withdraw an additional amount of ` 1,500 lakh along with accrued interest from the money deposited with the Supreme Court. Accordingly, an amount of ` 15,45,06,971/- was released to the Bank. The Special Leave petition has been converted into a Civil Appeal on February 08, 2017 and the matter is listed in the Supreme Court for final disposal. The matter is appearing regularly and was last taken up for hearing in February 2020.

The amounts released to the Bank is subject to the final decision in the matter. In view of the nature of dispute, the amount of contingent liability has not been ascertained. Pending final adjudication of the matter by the Hon’ble Supreme Court and also in view of the legal opinion obtained by the Company, in the opinion of the management, no provision is required to be made in the Statement of Profit and Loss for year ended March 31, 2021.

SHCIL Services Limited

The Company has received summons dated 6th March 2018 from Court of Additional Chief Metropolitan Magistrate, 4th court, Girgaon, Mumbai) for violation of provisions of section 81, 193 and 285 of Companies Act 1956 which took place prior to financial year 2008-09. SHCIL Services Limited had earlier filed the compounding applications with Regional Director, Mumbai. However on follow up it was understood that the compounding applications are not traceable. Now on the advice of legal consultants we have filed a fresh compounding application dated September 11, 2018 with ROC. The Compounding fee is the prerogative of Court, however based on past compounding orders, penal provision and as discussed with Advocates, the liability on account of Compounding application will not be a material amount and the same is un ascertainable at the present.

42 Details of dues to Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006

Based on the information with the Company, amount overdue to the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2021 on account of principal amount together with interest is ` 32 Lakhs (Previous Year: ` 522.29 Lakhs).

The details of amounts outstanding to Micro, Small and Medium Enterprises based on information available with the Company is as under:

Particulars March 31, 2021 March 31, 2020Principal amount due and remaining unpaid 31.49 488.33 Interest due on above and the unpaid interest 0.17 33.96 Interest paid - - Payment made beyond the appointed day during the year 374 - Interest due and payable for the period of delay 12 - Interest accrued and remain unpaid at the end of period * - Amount of further interest remaining due and payable in succeeding year - -


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43 Amount due on settlement (net) represents amounts receivable from / (payable to) Clearing house, Clients and Brokers, as under: (` In Lakhs)



Due to Due from Due to Due fromClearing House 51,149 13,657 59,895 2,252 Clients 67,059 1,05,743 5,849 64,505 Brokers 1,514 - 550 -

1,19,722 1,19,400 66,294 66,757Net Receivable / (Payable) (322) 463

44 Employee Benefits: (` In Lakhs)Particulars As at

March 31, 2021As at

March 31, 2020A) Defined Contribution Plan The company has recognised following amounts in the Statement of

Profit and Loss for the year Contribution to Employees' Provident Fund 703 680 Contribution to Employees' Superannuation Fund 399 390

B) Defined Benefit Plans i) General Description : Gratuity is payable to all eligible employees of the Company on superannuation, death and resignation

in terms of provisions of the payment of Gratuity Act or as per the Company’s scheme whichever is more beneficial. Benefit would be paid at the time of separation based on the last drawn base salary.

Valuations of the defined benefit obligation on account of gratuity has been carried out by an independent actuary as at the Balance sheet date based on the following assumptions.

ii) Major Actuarial Assumptions : a) Discount Rate 6.80%-6.93% 6.82%-6.90% b) Rate of Return on Plan Assets 6.80%-6.93% 6.82%-6.90% c) Salary Escalation 5.00% 5.00%

iii) Change in Benefit Obligation : Liability at the beginning of the year 4,509 3,803 Interest Cost 312 293 Current Service Cost 294 258 Past Service Cost- Vested Benefit - - Benefit Paid (249) (112) Actuarial (gain)/loss on obligations - Due to Demographic

Assumption 3 (3)

Actuarial (gain)/loss on obligations - due to change in Financial Assumption

(2) 293

Actuarial (gain)/loss on obligations - due to Experience (34) (23) Liability at the end of the year 4,833 4,509

iv) Fair value of Plan Assets :Fair Value of Plan Assets at the beginning of the year 4,205 3,739 Expected Return on Plan Assets 288 288 Contributions 389 410 Benefit Paid (249) (112)Return on Plan Assets (Excluding Interest Income) (8) (120)Fair Value of Plan Assets at the end of the year 4,625 4,205

v) Actual Return on Plan Assets : Expected Return on Plan Assets 288 288 Actuarial gain/(loss) on Plan Assets (8) (120) Actuarial Return on Plan Assets 280 168


122




vi) Amount Recognised in the Balance Sheet : (Present value of benefit obligation at the beginning of the year) Fair Value of Plan Assets at the end of the year 4,625 4,205 Liability at the end of the year (4,833) (4,509) Funded Status (Surplus/Deficit) (208) (304) Net (Liability) / Asset Recognised in the Balance Sheet (208) (304)

vii) Expense recognised in Profit and Loss for the Current Year : Current Service Cost 294 258 Interest Cost 24 5 Past Service Cost - - Expense Recognised 318 263

viii) Expense recognised in Other Comprehensive Income (OCI) for Current Year :

Actuarial (Gains) / Losses on Obligation for the Year (33) 267 Return on Plan Assets, excluding Interest Income 8 120 Net (Income) / Expense for the year recognised in OCI (25) 387

ix) Sensitivity Analysis : a) Holding Company - Stock Holding Corporation of

India Limited Projected Benefit Obligation on Current Assumptions 4,706 4,403

Delta effect +1% change in Rate of Discounting (344) (327)Delta effect - 1% change in Rate of Discounting 393 373 Delta effect +1% change in Rate of Salary Increase 239 231 Delta effect -1% change in Rate of Salary Increase (231) (228)Delta effect +1% change in Rate of Employee Turnover 90 83 Delta effect -1% change in Rate of Employee Turnover (99) (92)

b) Subsidiary Company - StockHolding Document Management Services LtdProjected Benefit Obligation on Current Assumptions 87 72 Delta effect +1% change in Rate of Discounting (10) (10)Delta effect - 1% change in Rate of Discounting 12 12 Delta effect +1% change in Rate of Salary Increase 12 12 Delta effect -1% change in Rate of Salary Increase (10) (10)Delta effect +1% change in Rate of Employee Turnover 2 2 Delta effect -1% change in Rate of Employee Turnover (3) (2)

c) Subsidiary Company - SHCIL Services Limited



DBO Change in DBO % DBO Change in DBO %Discount rate varied by 0.5 % +0.5% 38 -6% 31 -6%

-0.5% 43 7% 36 7%

Salary Growth Rate varied by 0.5 % +0.5% 43 7% 36 7%-0.5% 38 -6% 31 -6%

Withdrawal rate (W.R.) varied by 20% W. R X 110%

40 0.42% 34 0.47%

W. R X 90%

40 -0.43% 33 -0.49%


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The long term employee benefits in the form of compensated absences have been determined using the projected unit credit method as at the Balance Sheet date on the basis of an actuarial valuation.

The gratuity scheme is invested in a group gratuity cum assurance policy offered by Life Insurance Corporation of India.

x) Basis used to determine expected rate of return on assets :

Expected rate of return on investments is determined based on the assessment made by the Company at the beginning of the year for returns over the entire life of the related obligation. The gratuity scheme is invested in a group gratuity cum assurance policy offered by Life Insurance Corporation of India.

C) Other Long Term Employee Benefits :

The long term employee benefits in the form of compensated absences have been determined using the projected unit credit method as at the Balance Sheet date on the basis of an acturial valuation.

45 The movement in provision for claims is as under : (` In Lakhs)



Opening Balance 2,446 2,446 Additions during the year - - Reversal during the year - - Closing Balance 2,446 2,446

46 Audit Fees (excluding taxes)As Auditor :Audit fees 69 65 Tax Audit fees 8 8 In other capacity : Certification and other charges 1 5 Out of Pocket Expenses 3 1

81 79

47 Disclosure in respect of Leases :-Leases Taken by the CompanyLease payment recognised in profit and loss for the Year 143 337

Following is the Break-up of Current & Non-Current Lease Liabilities as on March 31, 2021 :Right of Use Lease Liabilities (Non-Current) 3,779 3,723 Right of Use Lease Liabilities (Current) 1,132 1,355 Total 4,911 5,078

48 Earnings Per Share (` In Lakhs)



Profit for the year as per Statement of Profit and Loss 6,320 1,544 No. of Shares at the beginning of the year 2,10,54,400 2,10,54,400 No. of Shares at the end of the year 2,10,54,400 2,10,54,400 Weighted average number of shares outstanding during the year (Nos) 2,10,54,400 2,10,54,400

Earnings per share for the year (for continued operation) in `Basic / Diluted 30.02 7.33

49 Foreign Currency ExposureParticulars of unhedged foreign currency exposures as at the balance sheet dateTrade Payables USD 2,29,846.33 USD 31,904.84


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50 Related Partiesa. List of Related Parties

Ultimate Holding Company / Holding Company IFCI Limited

Fellow Subsidiaries IFCI Venture Capital Funds Limited IFCI Infrastructure Development Limited IFCI Financial Services Limited IFCI Factors Limited

Subsidiary Companies SHCIL Services Limited Stockholding Document Management Services Limited StockHolding Securities IFSC Limited

Key Management PersonnelIFCI LimitedShri Sunil Kumar Bansal Deputy Managing DirectorMs Jhummi Mantri General Manager & CFOMs Rupa Deb General Manager & Company Secretary

StockHolding Corporation of India LtdShri Ramesh N.G.S Managing Director & CEOShri Jagdish Thakur Chief Financial Officer (CFO)Shri Shashikant Nayak Company Secretary (CS)Shri Sachikanta Mishra Non Executive DirectorShri Sunil Kumar Bansal Non Executive DirectorMs Vasantha Govindan Non Executive DirectorMs Sarojini Dikhale Non Executive DirectorMs Rekha Gopalkrishnan Non Executive DirectorShri Ashok Motwani Independent Director - Non ExecutiveShri Animesh Chauhan Independent Director - Non Executive

StockHolding Document Management Services LimitedShri Ramesh NGS Non Executive ChairmanShri R H Mewawala Executive Vice Chairman (upto 30th October, 2020)Shri Umesh Punde Executive Vice Chairman (w.e.f. 1st November, 2020)Shri Venkatraman Iyer Independent DirectorShri Sanjay Sharma Independent DirectorShri Prasoon Sinha DirectorShri L.Viswanathan Director (upto 31st December, 2020)Shri Jagdish Thakur DirectorShri Shreekant Patwardhan DirectorMs Anita Dembla DirectorShri Sanjeev Vivrekar Managing Director & CEOMs Jyoti Katira Chief Financial Officer (CFO)Ms Jajvalya Raghavan Company Secretary (CS)

SHCIL Services LimitedShri Ramesh N G S Non executive Director (Chairman)Shri Umesh Punde Non executive Director


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Shri Amit Dassi Non executive DirectorMs Sarla Menon Non executive DirectorShri G Anantharaman Independent DirectorShri D.C. Jain Independent DirectorShri Sanjay Pote Managing Director & CEOMs Neha Sunke Chief Financial Officer (upto 15th July, 2020)Shri Hemang Ladani Chief Financial Officer(w.e.f. 26th October, 2020)Shri Rajneesh Singh Company Secretary

StockHolding Securities IFSC LimitedShri Ramesh N.G.S Non-Executive ChairmanShri Kanaksabapathy Kumar Independent Director – Non-ExecutiveMs. Jhummi Mantri Non-Executive Director (w.e.f. 6th April, 2021)Shri R. Anand Non-Executive DirectorMs. Meera Ranganathan Non-Executive Director (upto w.e.f. 22ndApril, 2021)Shri Vinay E Purohit Managing Director & CEOMs. Arati Bhatt Chief Financial OfficerMs. Kirty Pareek Company Secretary


126

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127


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.


129


Boar

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Man

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52 Balances appearing under trade payable, trade receivables, loans and advances, other current liabilities and other current assets are subject to confirmation and consequential adjustment, if any.

53 Corporate Social Responsibility (CSR) amount which has been spent towards various schemes as prescribed under Section 135 at the companies Act, 2013 are as under. The CSR activities include eradicating hunger and poverty, promoting health care, education and sanitation, ensuring environmental sustainability etc. The amount spent during the year are given below:

(` In Lakhs) Name of Company As at

March 31, 2021As at

March 31, 2020Stock Holding Corporation of India Limited 131 22.00 SHCIL Services Limited 21 23.00 StockHolding Document Management Services Limited - 6.00 StockHolding Securities IFSC Limited 1 - Total 153 51

54 Statement of Net assets, share in Profit or Loss and Total Comprehensive Income of Group in subsidiaries

The subsidiary companies considered in the consolidated financial statements are :

Name of the Subsidiary Country of Incorporation of

Residence

Proportion of Ownership

InterestSHCIL Services Limited India 100%StockHolding Document Management Services Limited India 100%StockHolding Securities IFSC Limited India 100%

(` In Lakhs) Name of the entity in the Group

As a % Net Assets

Net Asset

Amount

% of Share in Profit or

Loss

Profit after Tax

% of Share in total

Comprehensive Income

Total Comprehensive

Income

ParentStock Holding Corporation of India Limited

95.35 2,58,743 13.89 878 88.13 40,285

SubsidiariesSHCIL Services Limited 0.83 2,240 102.61 6,485 14.19 6,488 StockHolding Document Management Services Limited

3.33 9,050 (14.94) (944) (2.06) (941)

StockHolding IFSC Ltd 0.49 1,332 (1.57) (99) (0.26) (120)TOTAL 100 2,71,365 100 6,320 100 45,712

55 Income Tax Expense (` In Lakhs) Particulars As at

March 31, 2021As at

March 31, 2020(a) Income Tax Expense Current Tax 1,658 119 Deferred Tax 293 (399)Total of Tax Expense 1,951 (280)

(b) Reconciliation of tax expense and the accounting profit multiplied by tax rate

Profit from continuing operations before Income Tax expense 8,271 1,264 Tax at the rate of 25.168% 2,082 318

Tax effect of amounts which are not deductible (taxable) in calculating taxable income:

Dividend received on Investments - 1,012 Interest on tax free bonds (111) (111) Others (20) (1,499)Tax Expenses 1,951 (280)


130


56 Securities received from clients (for Professional Clearing Member Segment) as collateral for margins are held by the company in its own name as a fiduciary capacity.

57 The company in the year 1992-93 had purchased 18 residential flats admeasuring 9216 square feet from MHADA vide their possession and allotment letter at Tilak Nagar, Chembur on outright sale basis for the use as staff quarters. Pending registration of flats in favour of company, these properties are shown under fixed assets - building. The company is rigorously following up with the respective authorities for getting the registration to get the clear title of the property.

58 There were certain unreconciled items amounting to ` 3.50 Cr. grouped under trade receivable as on March 31, 2019. On further investigation it has been revealed that one of the employee of the company had fraudulently made payments to the non clients amounting to ` 2.94Cr. (net after recovery) from the Client Bank accounts. The company has filed a First Information Report to the Rabale police station, and The company has filed an insurance claim to New India Assurance Company Limited.

As at March 31, 2020, the Company can determine the amount of embezzlement of fund to prior accounting periods however it cannot determine the amount of period specific loss as required under INDAS 8, as amounts recoverable from the employee and that from the Insurance claim is not fully determinable as at March 31, 2020. Therefore it falls under the exception to INDAS 8 which states that if the quantum of loss cannot be ascertained clearly during the current period the accounting effects can be taken prospectively. The company on a conservative assessment, has provided an impairment of ` 2.94 cr for the entire recoverable in the profit and loss statement of the previous financial year. Also the company had appointed an outside agency to prepare the bank reconciliation of the said bank account from F.Y 2014-15 to F.Y 2018-19. Rectification entries have been passed on receipt of Revised Bank reconciliation statement in the previous financial year.

During the current financial year, the insurance company has granted ` 2.75 cr against a claim of ` 2.94 cr. Out of the awarded claim, ` 2.21 cr. has been received from the insurance company and the balance of ` 53.79 lakhs will be received upon the monetisation of assets owned by the said employee or from the insurance company in case of any shortfall. Accordingly, the reversal of an impairment of ` 2.75 cr accounted for in the current financial year.

The company had appointed a forensic auditor to conduct detailed analysis of the embezzlement of fund. The final report has been submitted by Forensic Auditor. Based on report management believes that there is unlikely of any further material financial impact of the same on the financial statements.

59 There was an incident of Short Deposit of Cash of ` 14,50,299/- at e-Stamping Sub Registrar Office (SRO) counter at Alwar in the month of January 2021. An employee did not deposit all the cash collected by him. An FIR has been filed against him and he has been suspended. Also, an insurance company has been intimated about the same.

60 Fire incident at Mahape office premises of Stock Holding Corporation of India Ltd.

There was a fire incident on December 11, 2017 at Mahape premises of the Company. The insurance company have appointed surveyors. The surveyors are in the process of assessing the damage to the property of the Company. The Company has appointed contractors to carry out the repair work for the Interior & Basement areas.

Expenses amounting to ` 36.02 lakhs has been transferred to Repairs & Maintenance Account for Mahape Interiors furnishing and Nil for Basement Area for year ended March 31, 2021. (Previous Year ` 423.76 Lakhs for Interiors & ` 36.83 Lakhs for Basement area).

The completion of the repair/ renovation work has been delayed due to the outbreak of the COVID-19 pandemic and the lockdown enforced by the Government. The work resumed at the end of August 2020 and is expected to complete in next financial year.

StockHolding Document Management Services Limited

(a) A fire incident occurred on December 11, 2017 at Mahape premise of the company. The insurance company has not yet settled the claim.

(b) The company has been receiving claims for loss of documents from its clients. Majority of the clients have completed audit while others are in various stages of conducting audit through their auditors to assess damage to their documents for the final claims. Pending ascertainment of actual claim, the company has not provided/disclosed for such claim/contingent liabilities and corresponding insurance claim receivable in the books of account as on March 31, 2021.


131


Boar

d &

Man

agem

ent

Fin

an

cia

l St

ate

men

tsFi

nanc

ial H

ighl

ight

s

61 Distributions Made & Proposed (` In Lakhs)



i) Final Dividend Declared 442 126 DDT on Final Dividend - - Total 442 126

ii) Interim Dividend Declared 1,074 611 DDT on Interim Dividend - 108 Total 1,074 719

iii) Final Dividend Proposed 1,685 442 DDT on Proposed Dividend - - Total 1,685 442

62 Income Tax Assessment of Stockholding Corporation of India is completed upto Assessment Year 2007-08.

Income Tax Assessment of SHCIL Services Limited is completed upto Assessment Year 2008-09.

Income Tax Assessment of Stockholding Document Management Services Limited is completed upto Assessment Year 2017-18.

63 Income Tax Rate applicable are given below:

A.Y. 2021-22

Stock Holding Corporation of India Limited 25.168%

SHCIL Services Limited 25.168%

StockHolding Document Management Services Limited 25.168%

StockHolding Securities IFSC Limited 25.168%

64 Stockholding Document Management Services Limited - Exceptional Items (` In Lakhs)



IncomeClaim received from Insurance 248.73 - Income from sale of salvage - 2.85

248.73 2.85 ExpensesRecreation cost of documents damaged due to fire - 6.04 Loss on assets damaged due to fire - 385.43 Claims paid to clients towards loss of documents 12.14 4.86

12.14 396.33

Net Exceptional Items 236.59 (393.48)

65 Stockholding Document Management Services Limited:

(a) Based on internal information and indicators, the company is of the view that there is no impairment to financial and other assets as on March 31, 2021 due to the covid 19 pandemic.

(b) There have been no significant changes in the way assets have been used or are expected to be used.

(c) There have been no significant changes in the legal factors or business climate that could affect the value of the asset.

(d) There is no decline or cessation of, the need of services provided by the assets.


132


(e) The impairment of receivables reflects conditions already existing as on March 31, 2021.

SHCIL Services Limited:

The impact of COVID-19, since March 2020 including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to volatility in global and Indian financial markets and a decrease in global and local economic activity. The extent to which the COVID-19 will continue to impact including credit quality and provisions, remain uncertain and would depend upon the time taken for economic activities to fully resume and reach normal levels while there has been visible improvement in economic activities during the current financial year.

The Company has assessed the impact of the COVID-19 pandemic on its liquidity and ability to repay its obligations as and when they are due. Broking business was a permitted activity during the period of lockdown. Accordingly, the Company has faced no material business stoppages/ interruptions on account of COVID 19 pandemic. Further, management also considered measured taken by the Government of India, and believes that the Company will be able to pay its obligations as and when these become due in the foreseeable future. In assessing the recoverability of receivables, investments, financial assets and non financial assets, the Company has considered internal and external sources of information, including credit reports, economic forecasts and industry reports up to the date of approval of these financial statements. Since the situation continue to evolve, its effect on the operations of the Company may be different from that estimated as at the date of approval of these financial statement. The Company will continue to closely monitor material changes in markets and future economic conditions.

66 Exchange traded contracts outstanding:

A) Outstanding Future Contracts as on March 31, 2021

Particulars Year Ended March 31, 2021 Year ended March 31, 2020Type of Derivative No. of Contract No. of Units No. of Contract No. of UnitsStock Futures Long 1 10 2 31,400 Stock Futures Short - - - -

67 There are no significant subsequent event that would require adjustments or disclosure in Financial Statements as on the Balance Sheet date. Figures for the previous year have been re-grouped wherever necessary, so as to make them comparable with those of the current year.




133


Sr. No. Location Address Telephone / Fax no. ANDHRA PRADESH

1 GUNTUR SECOND FLOOR , RAGHU MANSIONS, 66428980863 4TH LINE 1 ST CROSS ROAD, 6640898

BRODIPET, GUNTUR - 522 002 2246450 (Telefax)2 KAKINADA D No:5-1-61/1, AYYAPPA TOWERS, 2347774 / 2347775

0884 SECOND FLOOR, MAIN ROAD, 2347773 (Fax) SURYARAO PETA,KAKINADA - 533 001

3 KURNOOL FLAT NO. A 10 , FIRST FLOOR, 27873808518 BHUPAL COMPLEX , PARK ROAD, 278739

KURNOOL - 518 0014 NELLORE MOONLAND APTS, H No.16/1102, 2343481

0861 GROUND FLOOR, K V AGRAHARAM, 2343480 (Fax) POGATHOTA, NELLORE - 524 001

5 RAJAHMUNDRY 7-28-32, SECOND FLOOR, 24394760883 JUPUDY COMPLEX, T.NAGAR, 2476761

RAJAHMUNDRY - 533 101 2478846 (Fax)6 TIRUPATI SHOP NO. 10, FIRST FLOOR , 2220202

0877 SRIDEVI COMPLEX, TILAK ROAD, 2222724 TIRUPATI - 517 501

7 VIJAYAWADA DOOR No. 27 - 14 - 52, FF-1 (1st Floor), 25790040866 MAHA LAKSHMI TOWERS, RAJAGOPALACHARI STREET, 6666898

GOVERNERPET, VIJAYAWADA - 520 002 2579002 (Fax)8 VISHAKAPATNAM D No. 38-15-153/SF, PAVAN ENCLAVE, 2752070 / 2716577

0891 C-6, SECOND FLOOR, DABA GARDEN, 2716578 (Telefax) VISHAKAPATNAM - 530 020

ASSAM 9 GUWAHATI BLUEDART COMPLEX, GROUND FLOOR, 2460587 / 88

0361 MANIRAM DEWAN LANE, JADAV BORA COMPLEX, 2454213G S ROAD, ULUBARI,GUWAHATI - 781 007 2454665 (Telefax)

10 JORHAT K D BUILDING, FIRST FLOOR, 2300368 / 23005500376 RUPAHI ALI , GAR ALI,

JORHAT - 785 00111 SILCHAR

03842N N DUTTA ROAD, NEAR GURUDWARA, CACHAR,

230126, 230120 (Telefax)

SILCHAR- 788 00112 TINSUKIA 1ST FLOOR, RAJ TOWER, S R LOHIA ROAD 2336010 (Telefax)

0374 NEAR BLOOD BANK 7086630624TINSUKIA - 786 125

BIHAR 13 BHAGALPUR 2ND FLOOR, ANGAR COMPLEX, 2409406

0641 PATAL BABU ROAD, 2300416BHAGALPUR-812 001

14 MUZAFFARPUR DOMAPOKHAR , BANK ROAD, NEAR SUTAPATTY, 22462220621 SHYAM MANDIR MARG, 2246422

MUZAFFARPUR - 842 00115 PATNA 301- 305 ASHIANA PLAZA, 2231167/2211752

0612 BUDH MARG, 2201129PATNA - 800 001

CHANDIGARH16 CHANDIGARH SCO 154-155, SECOND FLOOR, 2702545

0172 DEEPAK TOWER BUILDING, 2542807/2702547SECTOR 17-C, CHANDIGARH - 160 017 4651824/4651827

134


Sr. No. Location Address Telephone / Fax no.CHATTISGARH

17 BHILAI SHOP NO. 8 CHOUHAN ESTATE, 22904540788 SECOND FLOOR, G.E.ROAD, 2295355 (Fax)

SUPELA , BHILAI , DIST. DURG - 490 02018 BILASPUR SHOP NO. B-1, FIRST FLOOR, NAVEEN PLAZA 412039

07752 MAIN ROAD, TELIPARA, 220322BILASPUR - 495 001

19 RAIPUR OFFICE NO.102, 1ST FLOOR, SKYPARK COMPLEX, 25342120771 OPP. BANTHIA NURSING HOME, RAVI NAGAR, 4034155

RAIPUR - 492 001GOA:

20 PANJIM 2ND FLOOR, TAMBA BUILDING 2421496 / 24214970832 DR. ATMARAM BORKAR ROAD PANAJI

GOA : 403001GUJARAT:

21 AHMEDABAD 403, 4TH FLOOR, 26464747 / 26464760079 IFCI BHAVAN, NEAR LAL BUNGLOW, 26466033

C G ROAD, AHMEDABAD - 380 00622 AHMEDABAD OFFICE NO.6, 1ST FLOOR, RATNA COMPLEX, 25462716 / 25462717

079 OPP. BANK OF BARODA, MANINAGAR CROSS ROAD, 25462718MANINAGAR, AHMEDABAD - 380 008

23 AHMEDABAD 209, SECOND FLOOR, SHUKAN MALL, 27502790 / 27571390079 NEAR VISAT PETROL PUMP, MOTERA, 27702790

SABARMATI, AHMEDABAD - 380 005 27570990 (Telefax)24 AHMEDABAD 106,SUKHSAGAR COMPLEX, 27556730 / 31/32

079 NEAR FORTUNE LANDMARK HOTEL, USMANPURA,ASHRAM ROAD, AHMEDABAD - 380 013

25 AHMEDABAD FF-5, FIRST FLOOR, JYOTI PLAZA, 26762554/26762558079 SHYAMAL CROSS ROAD, SATELLITE, 26762552/26762553

AHMEDABAD-38001526 ANAND

02692204, AMBE GOLD, NEAR GOVERNMENT CIRCUIT HOUSE, AMUL DAIRY ROAD,

266610 / 266611 266640 / 266641

ANAND - 388 00127 BHARUCH 119/A, FIRST FLOOR 268632/33

02642 BLUECHIP COMPLEX, SEVASHRAM ROAD, ABOVE CANARA BANK, BHARUCH - 392 001

268634 (Telefax)

28 BHAVNAGAR G/2, VASUNDHARA COMPLEX, FIRST FLOOR, 2471113/ 140278 OPP. DAKSHINAMURTHY SCHOOL, 2471114 (Telefax)

WAGHAWADI ROAD, BHAVNAGAR - 364 00229 GANDHINAGAR SECOND FLOOR,PLOT NO. 447, 23248578/79/80/81/82

079 ABOVE DR. PRAKASH JOSHI’S HOSPITAL,OPPOSITE GANDHI NAGAR CHOWPATTY, 23248579 (Telefax)GH-5,SECTOR 16,GANDHINAGAR – 382 016

30 GANDHIDHAM OFFICE NO. 206, SINDHU-II, 226585 / 8602836 PLOT NO.302, WARD-12-B, 220700 (Telefax)

GANDHIDHAM – 370 20131 JAMNAGAR OFFICE NO 6,7 & 8, GROUND FLOOR, 2770125

0288 MADHAV DARSHAN COMPLEX, OPP. CRICKET BUNGLOW,

2661756/1159

GURUDWARA ROAD, JAMNAGAR – 361 00132 JUNAGADH 34,35,GROUND FLOOR, PLATINUM COMPLEX, 2652748

0285 JAYASHREE TALKIES ROAD, KALWA CHOWK, 2629748JUNAGADH – 362 001

135


Sr. No. Location Address Telephone / Fax no.33 MEHSANA 27,28,29 1st FLOOR,SHETH PUNJIRAM CHAMBERS 232622

02762 AERODRAM CROSS ROAD,RADHANPUR ROAD 232623MEHSANA - 384 002

34 NAVSARI 2288/102, FIRST FLOOR, NANU VISHNU DHAM, 249401 / 3 / 2502637 SWAMI VIVEKANAND ROAD,

KANSARWAD, NAVSARI - 396 44535 PORBANDAR PURUSHARTH, GROUND FLOOR, 2215884 / 30

0286 B/H. AROON PHOTO STUDIO, M. G. ROAD, 2215831PORBANDAR – 360 575

36 RAJKOT SHREE SADGURU COMPLEX, 2478004/24780060281 1ST FLOOR, OPP. TIRUPATI PETROL PUMP,

KALAWAD ROAD, RAJKOT - 360 00737 RAJKOT ORBIT COMPLEX, GROUND FLOOR, 2450772, 2474094

0281 NEAR SADAR POLICE CHOWKI, 2450773SADAR BAZAR, RAJKOT – 360 001

38 SURAT H-207, MANTHAN, NR. GUJARAT GAS CIRCLE,0261 ABOVE CENTRAL BANK OF INDIA, 2788995/2788996

ADAJAN, SURAT- 395 00939 SURAT 311, SHREE SHYAM CHAMBERS, 2321281 / 2

0261 OPP. SUB JAIL, 2321283 (Fax)

RING ROAD, SURAT - 395 002

40 SURAT UG-7, UPPER GROUND FLOOR, ECO FUTURZ, 2260131/32

0261 OPP. SAMARTH AQUISTIC, NEW CITYLIGHT ROAD,

SURAT-395007

41 VADODARA 305-308, PARADISE COMPLEX, 2361591

0265 THIRD FLOOR, 2363516 / 419

SAYAJIGUNJ, VADODARA – 390 020 2363162 (Telefax)

42 VADODARA FF-12, FIRST FLOOR, TRIDENT 2353073 / 74 / 75

0265 RACECOURSE ROAD

VADODARA – 390 007

43 VADODARA FF-8,9 ,SHRUSHTI AVENUE,OPP AMRAPALI 2531029

0265 NR JYOTI PARK,WATER TANK ROAD 2531039 (Telefax)

KARELIBAG,KARELIBAG, VADODARA-390018

44 VISNAGAR 48, SUKHNIVAS COMPLEX, 227610 / 20/ 30/ 40

02765 FIRST FLOOR, STATION ROAD,

VISNAGAR - 384 315HARYANA :

45 AMBALA 5502, 1ST FLOOR, SURYA TOWER, 2645358 / 66 / 67

0171 OPP. NIGAR CINEMA

NICHOLSON ROAD, AMBALA CANTT - 133 001

46 GURGRAM SHOP NO. 251, CENTRAL ARCADE, 2387956 / 59

0124 FIRST FLOOR, OPP. SAHARA MALL, DLF PHASE II, 4068690

GURUGRAM - 122 002

47 KARNAL SCO : 16,FIRST FLOOR, OPPOSITE MAHILA 2253875/2262734

0184 ASHRAM COMPLEX, BEHIND MAIN BUS STAND, 2251706

KARNAL - 132 001

48 PANCHKULA S.C.O-64, FIRST FLOOR,SECTOR-11, 4635063

0172 PANCHKULA- 134 112 4639064 (Telefax)HIMACHAL PRADESH:

49 SHIMLA 201, P.C. CHAMBERS, 2803737 (Telefax)0177 RITZ CINEMA ROAD, NEAR MALL ROAD, 2804747

SHIMLA - 171 001

136


Sr. No. Location Address Telephone / Fax no.50 SOLAN PLATINUM MALL, GROUND FLOOR, 225464

01792 SOUTH ENCLAVE, SAPROON BYE PASS, 225465SOLAN - 173 211

JAMMU & KASHMIR :51 JAMMU 83 A/D EXTN. NEAR POLICE LINES, 2455058

0191 GANDHI NAGAR, JAMMU - 180 004 2454473 (Fax)JHARKHAND:

52 BOKARO C1 – 22 C, CITY CENTER, SECTOR IV, 23196006542 BOKARO STEEL CITY - 827 004 231950

53 DHANBAD 101, SHANTI BHAWAN, 2300185/0326 BANK MORE, DHANBAD - 826 001 2300184 / 2308820

54 HAZARIBAGH ABOVE CENTRAL BANK OF INDIA, 22267406546 MALVIYA MARG, BODOM BAZAR, 222847 (Telefax)

HAZARIBAGH - 825 30155 JAMSHEDPUR SHANTI NIKETAN BUILDING, 2ND FLOOR, 2420437

0657 1 S.B. SHOP AREA, BISTUPUR, 2420438MAIN ROAD, JAMSHEDPUR - 831 001 2422633 (Fax)

56 RANCHI 3RD FLOOR , ARJAN PLACE 2331632,23309380651 5 MAIN ROAD, RANCHI - 834 001 2330013

KARNATAKA :57 BAGALKOT T.P.NO. 159/ 1A /8, WARD NO. 10, 220100 / 03

08354 BEHIND KALBURGI HOSPITAL, MAHAVEER ROAD, BAGALKOT- 587 101

58 BENGALURU BANGALORE STOCK EXCHANGE LTD., 2299 5246 / 49080 STOCK EXCHANGE TOWERS, 51, 1ST CROSS, 2299 5236

J.C. ROAD, BENGALURU - 560 027 2299521159 BENGALURU AHAD CHAMBERS,No:406,GROUND FLOOR, 2552 9149

080 7TH BLOCK, OPP RAHEJA ARACDE 2552 9150KORAMANGALA,BANGALORE-560095 ,

60 BENGALURU SHOP 7, FIRST FLOOR, 22453800080 44, 33rd CROSS, 4th T BLOCK, 22453900

JAYANAGAR, BANGALORE- 560 01161 BENGALURU NO-10, 1ST FLOOR, 3RD CROSS LANE, 23461225

080 NEAR HALLIMANE HOTEL, MALLESHWARAM 23560525BENGALURU - 560 003

62 BENGALURU ANKAD BUILDING, 1ST FLOOR, NO.960, 28562334080 LIG 2ND PHASE, 16TH ‘B’ CROSS, 28562335

YELAHANKA NEW TOWN,BANGALORE- 560064

63 BELGAUM BASAVAKRUPA 1, CLUB ROAD, 2469817 / 24698180831 OPP. CIVIL HOSPITAL, NEAR HANSRAJ SUPER MARKET, 2432102

BELGAUM - 590 002 2432101 (Fax)64 BALLARY DOOR NO : 342 / 1 A/1, 257660

08392 CHIRANJIVI NILAYA, SHUBHA MAHAL, 257664GANDHI NAGAR, BALLARY - 583 101

65 DAVANAGERE FIRST FLOOR, ABOVE MAHALAXMI BOOK DEPOT 236964 / 508192 AKKAMAHADEVI ROAD, NEAR AVK COLLEGE 234442

P J EXTENSION, DAVANGERE - 577 00266 DHARWAD GROUND FLOOR, SRI RANGA TOWER, 2435635 / 2435636

0836 RAM NAGAR CROSS, NEAR NTTF,P. B ROAD, DHARWAD - 580 001

67 GULBARGA G1 & G2, SHRUSHTI ARCADE, 27971108472 OPP. St. MARY’s CHURCH, COURT ROAD, 279710 (Fax)

Off S B TEMPLE ROAD GULBARGA - 585 102

137


Sr. No. Location Address Telephone / Fax no.68 HASSAN DOOR NO: 2324/2115 ,DYUTHI ARCADE, 232117 / 232118

08172 OPP K.E.B OFFICE ,2ND MAIN,K.R.PURAM,HASSAN-573201,

69 HUBBALI FIRST FLOOR, VARSHA COMPLEX, 2212050 / 22531060836 NEXT TO CORPORATION BANK, BEHIND BHAVANI

ARCADE,2253112

OPP. BASAVA VANA, NEAR OLD BUS STAND, HUBBALI - 580 029

2253113

70 KARKALA SHOP NO. 12, DOOR NO. 127/23, 234650 / 23465108258 FIRST FLOOR, SHARADA PALACE, MARKET ROAD,

KARKALA - 574 10471 KUNDAPUR DOOR NO. 433/1/5, FIRST FLOOR, 234557 / 234558

08254 NEAR MANJUNATH NURSING HOME, MASTI KATTE,MAIN ROAD, KUNDAPUR - 576 201

72 MANGALURU SHOP NO 6 & 7, SECOND FLOOR, MANASA TOWER, 24949860824 KODIALBAIL, M G ROAD, P V S CIRCLE 2495220 / 24

MANGALURU - 575 00373 MYSURU LAKSHMAN PLAZA, 2333860

0821 442/ 3/ 4 , FIRST FLOOR, 2333926NEAR RAMASWAMY CIRCLE, 2330243CHAMARAJA DOUBLE ROAD, MYSURU - 570 024

74 RAICHUR 11/2/59/A-1, SHREYANSH TOWER, FIRST FLOOR, 22504908532 ABOVE BANK OF MAHARASHTRA, M.G. ROAD, 225050

RAICHUR - 584 10175 SHIMOGA FIRST FLOOR, SANGAPPA COMPLEX, 227785 / 86

08182 GARDEN AREA, 3RD CROSS,NEAR STATE BANK OF INDIAOPP GANESH TRADERS, SHIMOGA - 577 201

76 UDUPI THIRD FLOOR ‘SHRIRAM ARCADE’, 2535404 / 25354050820 OPP HEAD POST OFFICE, 2520275

UDUPI - 576 101KERALA:

77 CALICUT METRO TOWERS, 19/2084 - B/20, FIRST FLOOR, 23003730495 OPP JAYALAKSHMI SILKS, P.V. SWAMY ROAD, 2304473

CHALAPPURAM P.O., CALICUT - 673 00278 KANNUR SECOND FLOOR, K.V.R. TOWER, 2712323

0497 SOUTH BAZAR, 2712333KANNUR - 670 002

79 KOCHI SAFEENA MANSION, GROUND FLOOR 2363022 to 250484 RAVIPURAM JN,OPP. KANOOS THEATRE, 2363026

M G ROAD,ERNAKULAM-68201680 KOLLAM E-2-24/25, SECOND FLOOR, COMMERCIAL

COMPLEX,2768158

0474 EAST BLOCK, BISHOP JEROME NAGAR, 2768159CHINNAKADA, KOLLAM - 691 001

81 KOTTAYAM SECOND FLOOR, KORATTIYIL COMPLEX, 2303670 / 23036710481 OPP PUBLIC LIBRARY, SHASHTRI ROAD, 2304394

KOTTAYAM - 686 00182 THIRUVANANTHAPURAM SOWBHAGYA,T C 3/2730-2 2543133

0471 PALACE VIEW LANE, PATTOM PALACE PO 2543032THIRUVANANTHAPURAM - 695 004

83 THRISSUR POOMA COMPLEX, THIRD FLOOR, 24456580487 M.G.ROAD, THRISSUR - 680 001 2445657

138


Sr. No. Location Address Telephone / Fax no.MADHYA PRADESH:

BHOPAL FIRST FLOOR, ALANKAR COMPLEX, 42213210755 PLOT NO. 11, ZONE - II, 4220338

M P NAGAR, BHOPAL - 462 01185 BHOPAL SAI MEHENDI COMPLEX, SHOP NO. G1 & G2 4220755

0755 PLOT NO. 5, NEAR RELIANCE FRESH,KOH E FIZA, MAIN ROAD,BHOPAL - 462 001

86 GWALIOR J 76A, PATEL NAGAR, 40777830751 NEAR GOKUL APARTMENT, 4065111

CITY CENTER, GWALIOR -474 01187 INDORE 220-221, D. M. TOWERS, 4026910-915

0731 RACE COURSE ROAD, 4026900INDORE - 452 003

88 JABALPUR 7, ANKITA COMPLEX, 40149440761 2ND FLOOR , OPP PRABHU VANDANA TALKIES, 4007444

CIVIC CENTRE , JABALPUR - 482 00289 UJJAIN OFFICE NO : 104, 1st FLOOR, 4014174

0734 SIDDHIVINAYAK TRADE CENTRE, 2515961OPPOSITE SHAHEED PARK, FREEGANJ,UJJAIN - 456 010

MAHARASHTRA:90 AHMEDNAGAR HOUSE NO. 2440, FIRST FLOOR, 2471442/43

241 ABOVE INDUSIND BANK,TELIKHUNT,AHMEDNAGAR- 414 001

91 AMRAVATI BLOCK NO. 82, GULSHAN TOWER, 2568986 / 25604700721 MOFUSSIL PLOTS, NEAR PANCHSHEEL TALKIES,

JAISTAMBH CHOWK, AMRAVATI - 444 60192 AURANGABAD RAGBHIR CHAMBERS, 1ST FLOOR, 2453631 / 32

0240 ABOVE IDBI BANK, VIDYA NAGAR, JALNA ROAD,AURANGABAD - 431 005

93 CHANDRAPUR 2ND FLOOR, RAGHUVANSHI COMPLEX, 274202 / 27646007172 NEAR AZAD GARDEN, MAIN ROAD,

CHANDRAPUR - 442 40294 CHINCHAWAD OFFICE NO - 40, GROUND FLOOR, TAPASWI PLAZA 66113168 / 70

020 NEAR KHANDOBA CHOWK, OLD MUMBAI - PUNE HIGHWAY, CHINCHWAD PUNE 411019

95 ICHALKARANJI GOMTESH, SHOP No. 2 2421594 / 24215950230 MALTI NIWAS, MURGUNDE BUILDING,

SHAHU CORNER ROAD,ICHALKARANJI - 416 115

96 JALGAON 3&4, OM CHAMBERS, ABOVE ATHARVA DENTAL CLINIC,

2222687/88/90/91

0257 OPP. DISTRICT & SESSION COURT,GANESH COLONY ROADJALGAON - 425 001

97 KOLHAPUR AYODHYA TOWERS, FOURTH FLOOR, 2663123 / 26631240231 511 KH ‘E’ WARD, 2666180

NEAR DABHOLKAR CORNER, STN ROAD,KOLHAPUR - 416 001

98 NAGPUR 3 rd FLOOR, SARAF COURT, 6643460/61/620712 OPP YASHWANT STADIUM, DHANTOLI

NAGPUR-440 012

139


Sr. No. Location Address Telephone / Fax no.99 NAGPUR FIRST FLOOR, VISHNU COMPLEX, 2765406 /405

0712 OPP. RAHATE HOSPITAL,C A ROAD, NAGPUR - 440 008

100 NANDED SHOP NO 6, 1ST FLOOR, KOTHARI COMPLEX 23296202462 SHIVAJI NAGAR, NANDED - 431 602

101 NASHIK F-8, FIRST FLOOR, SUYOJIT SANKUL, 25715350253 ADJACENT TO RAJIV GANDHI BHAVAN, 2311058

(NMC), SHARANPUR ROAD, NASHIK - 422 002102 PIMPLE SAUDAGAR SHOP NO.171, VISION 9 MALL, 1ST FLOOR, 27206494 / 6495

020 NEAR KUNAL I CON, PIMPLE SAUDAGARPIMPRI-CHINCHAWAD- 411 027

103 PUNE UNIT NO.102, 1ST FLOOR, “KAMAYANI”, 25521842 / 43020 V.M. JOSHI MARG, OFF J.M. ROAD, 25520418

PUNE - 411 005104 PUNE 5/33, AGARKAR NAGAR, BOAT CLUB ROAD, 26050115 / 116

020 NEAR ALANKAR THEATRE,PUNE - 411 001

105 SANGLI GOMTESH PADMAVATI, 26232251 / 52 / 530233 111/112 MAHAVEER NAGAR,

SANGLI - 416 416106 YAWATMAL SHOP NO.18,19,20,21, FIRST FLOOR, 244884 / 250276

07232 SUPER BAZAR, SBI SQUARE,YAWATMAL - 445 001

107 MUMBAI SHOP No.4 , PARISIAN APARTMENTS, 26230910(Andheri) V.P ROAD , NEXT TO ZOROASTRIAN CO-OP BANK, 26230912

022 OFF S.V.ROAD, ANDHERI (WEST), 26230909(Fax)MUMBAI - 400 058

108 MUMBAI SHOP NO.3, TULSI BAUG CHSL, MAYFAIR 14, 28332104 / 28332085(Borivali)

022BEHIND PRABHODHANKAR THACKERAY NAATYA MANDIR

28334067 (Fax)

RAMDAS SURTALE MARG, OFF. CHANDAVARKAR ROAD, BORIVALI (W), MUMBAI - 400 092

109 MUMBAI 1ST FLOOR, RAMESH NIWAS, PLOT NO-60/A 25288358 / 25290439(Chembur) ROAD NO-20, NEAR SBI, OPP CORAL CLASSIC 25290542

022 CHEMBUR EAST, MUMBAI - 400 071110 MUMBAI G-2, GROUND FLOOR, TRISANDHYA, 24151706

(Dadar) B WING, DADASAHEB PHALAKE ROAD, DADAR EAST 24151707022 MUMBAI 400 014

111 MUMBAI (Dombivali)

0251

SWANAND BUILDING, FIRST FLOOR, ABOVE BANK OF BARODA ATM,

2446986

RAJAJI PATH ROAD, RAMNAGAR, 2446868DOMBIVLI (EAST) - 421201 2446878

112 MUMBAI 12/14, UTI BUILDING, 22622677(Fort) BANK STREET, CROSS LANE, 22675960 / 61022 NEAR OLD CUSTOM HOUSE, FORT,

MUMBAI - 400 023113 MUMBAI VISHWA CHS, GR. FLOOR, 21020790 / 21021795

(Ghatkopar) JUNCTION OF RB MEHTA ROAD & HINGWALA LANE, 21021800022 GHATKOPAR (EAST), 21023822 (Telefax)

MUMBAI - 400 077114 MUMBAI G-2, UNIQUE TOWERS, GR. FLOOR, 28787336 / 41

(Goregaon) OPP. KAMATH CLUB, S V ROAD, 28787338022 GOREGAON (WEST), MUMBAI - 400 062

140


Sr. No. Location Address Telephone / Fax no.115 MUMBAI GALA NO 110, VASANT VIHAR COMPLEX 2315421/22/24

(Kalyan) CHANDULAL JOSHI COMPOUND0251 OPP KALYAN STATION,

KALYAN WEST, THANE - 421 301116 MUMBAI

(Kharghar) 022

SHOP NO 3, GROUND FLOOR,SHREE AMBICA HERITAGE

27741333/27741334 27741335/27741336

PLOT NO 1,SECTOR 1, NEAR KHARGHAR STATIONKHARGHAR NAVI MUMBAI 410210

117 MUMBAI REWA APARTMENT, B WING, 23538225 / 23526220,(Mahalaxmi) GR. FLOOR, BEHIND BANK OF INDIA, 23538221

022 OPP. CADBURY HOUSE,BHULABHAI DESAI ROAD, MAHALAXMI,MUMBAI - 400 026

118 MUMBAI SHCIL HOUSE, PLOT NO. P-51, 61778100 /01/ 02/ 03/(Mahape) T.T.C. INDUSTRIAL AREA, MIDC, MAHAPE, 04/ 05/ 06/ 07/ 08/ 09

022 NAVI MUMBAI- 400 710119 MUMBAI SHOP NO.11, GROUND FLOOR, MANISHA PRIDE, 25907618/25907617

(Mulund) JUNCTION OF J. N. ROAD AND R.H.B. ROAD, 25620703/25676339022 MULUND WEST MUMBAI - 400 080

120 MUMBAI RAHEJA CHAMBERS, OFFICE NUMBER 15, 22844247/22852977(Nariman Point) GROUND FLOOR, FREE PRESS JOURNAL MARG, 22818624 (Fax)

022 NARIMAN POINT, MUMBAI - 400 021121 MUMBAI 301, CENTRE POINT, 61779400 /01 / 02/ 03/

(Parel) DR. BABASAHEB AMBEDKAR ROAD, 04/05/06/07/08/09022 PAREL, MUMBAI - 400 012

122 MUMBAI SHOP NO. 4,GROUND FLOOR, TIRUPATI CHS, 24115313(Parel Branch)

022BESIDE UNION BANK OF INDIA AND PUNJAB NATIONAL BANK

24707289

DR. S. S. RAO ROAD, LALBAUGH, PAREL-4000012123 MUMBAI SHOP NO.5, LAXMI NIWAS CHS, VISHNU NAGAR 25453790 / 91

(Thane) OPP. THANE BHARAT SAHAKARI BANK, 25453802022 NAUPADA, THANE WEST – 400 602

124 MUMBAI SHOP NO-113, FIRST FLOOR, 2333417(Vasai) NORTH LANE BUSINESS CENTRE, 23034180250 NEXT TO RAILWAY STATION, VARTAK COLLEGE ROAD, 2303419

VASAI WEST - 401202125 MUMBAI

(Vashi) 022

BLOCK NO.2, GROUND FLOOR, TYPE C-1, BUILDING NO.12, SECTOR – 2, NEAR ABHYUDAYA BANK, OPP. SHANTI CENTRE,

27821105/6/7//8

VASHI, NAVI MUMBAI - 400 703126 MUMBAI 25 HAZARI BAUG, 25778466 / 25779282

(Vikhroli) GROUND FLOOR, STATION ROAD,022 VIKHROLI WEST, MUMBAI - 400 083

127 MUMBAI 104, SHYAM KAMAL, A - WING, 1ST FLOOR, 26161101 /26105363(Vileparle) OPP. VILE PARLE STATION, VILE PARLE (EAST), 26184143

022 MUMBAI - 400 057 26161108 (Fax)NEW DELHI:

128 NEW DELHI IFCI TOWER, 5TH FLOOR, 26425334011 A WING, 61, NEHRU PLACE 26425335 / 36 / 37

NEW DELHI - 110 019 26293836 (Fax)129 NEW DELHI 8A, MILAP BUILDING, GROUND FLOOR, 23359517 / 18

011 BAHADUR SHAH ZAFAR MARG, 43546864/43546863NEW DELHI - 110 002 23731771

141


Sr. No. Location Address Telephone / Fax no.130 NEW DELHI 103, FIRST FLOOR, SUNEJA TOWER - I, 25507316 / 25507326

011 JANAK PURI DISTRICT CENTRE, 25507314JANAK PURI, NEW DELHI - 110 058

131 NEW DELHI GROUND FLOOR, SHOP GF- 13, 26193385 / 26193418011 BUILDING NO.3, ANSAL CHAMBERS - I, 26193384 (Telefax)

BHIKAJI CAMA PLACE, 64699302NEW DELHI - 110 066

132 NEW DELHI 504, 5 TH FLOOR, GDITL TOWERS, B-08, 27357134 / 37011 NETAJI SUBHASH PLACE, OPP. WAZIRPUR DEPOT,

PITAMPURA, DELHI - 110 034133 NEW DELHI 68/2, SECOND FLOOR, 23324909 /23324901

011 ABOVE MEHRA SONS JEWELLERS,JANPATH, NEW DELHI - 110 001

134 NEW DELHI 401, FOURTH FLOOR, ASHISH CORPORATE TOWER, 22375744011 COMMUNITY CENTRE, KARKARDOOMA, 22375747

NEW DELHI - 110 092ODISHA :

135 BHUBANESWAR NO.101, 1ST FLOOR, TKR BUSINESS CENTER, 2431107, 24317130674 PLOT NO 2132/4711, ABOVE ICICI BANK LIMITED,

VIVEKANAND MARG, P O OLD TOWN,BHUBANESWAR -751 002

136 CUTTACK LEFT WING , 1ST FLOOR,SOUMITRA PLAZA 2411837/ 24287200671 BADAMBADI, CUTTACK - 753012

137 ROURKELA PLOT NO. 307/2050, 2500056 / 510661 BEHIND PANI MARKET COMPLEX,

UDIT NAGAR, ROURKELA - 769 012PUNJAB:

138 AMRITSAR SCO-4, 1st FlOOR, DEEP COMPLEX, 24022270183 COURT ROAD, AMRITSAR - 143 001 2210103 (Telefax)

139 BHATINDA MC 4373, FIRST FLOOR , 2253846164 OPP INDIAN OVERSEAS BANK, 2235846

KIKAR BAZAR, BHATINDA - 151 005140 JALANDHAR 1ST FLOOR, S.C.O 33, 2453076

0181 MULTANI TOWERS, PUDA COMPLEX, 2243974 (Telefax)OPP. TEHSIL COMPLEX, JALANDHAR - 144 001

141 LUDHIANA 501, 5TH FLOOR, 5018016/ 50220160161 S.C.O 18, OPP. LUDHIANA STOCK EXCHANGE, 2422157

FEROZE GANDHI MARKET,LUDHIANA - 141 001

142 MOGA NIFD CAMPUS, 22389601636 531/9, NEW TOWN, OPP. D M COLLEGE, 233296 (Telefax)

MOGA - 142 001143 MOHALI SCF-33, 1ST FLOOR, PHASE 5, 4655065

0172 MOHALI - 160 059 2272123 (Telefax)144 PATHANKOT MANAV COMPLEX, SCO:S-7/39-40, 2250802

0186 UPPER GROUND FLOOR, PATEL CHOWK, 2250803PATHANKOT, PUNJAB-145001

145 PATIALA NO. 6 & 7, LEELA BHAVAN MARKET, 22018900175 PATIALA - 147 001 2304678 (Telefax)

146 PHAGWARA SCF-31, 1ST FLOOR, NEAR ARJUN MALL, 26298101824 GURU HARGOBIND NAGAR MARKET, 262725 (Telefax)

PHAGWARA -144 401

142


Sr. No. Location Address Telephone / Fax no.RAJASTHAN:

147 AJMER GROUND FLOOR, MUDGAL HEIGHTS, 24312900145 OPP. SWASTIK HP PETROL PUMP, RAJENDRAPURA 2630648

AGRA GATE, JAIPUR ROAD, AJMER – 305 001 2632086148 ALWAR FIRST FLOOR, 2348459

0144 38 A , LAJPAT NAGAR, SCHEME NO.2, 2348614NEAR BHAGAT SINGH CIRCLE, 2348615ALWAR - 301 001

149 BIKANER CHUGH MANSION, 2540131 / 25495060151 FIRST FLOOR, OPP. DRM OFFICE, 2546330

NEAR RAILWAY STADIUM,BIKANER - 334 001

150 JAIPUR UNIT NO. 1-C, FIRST FLOOR 4919604-6070141 NAWAL TOWER, J.L.N. MARG, OPP. CLARKS AMER,

MALVIYA NAGAR, JAIPUR - 302 017151 JAIPUR SANGAM TOWER, 4551404 / 05 / 06

0141 SECOND FLOOR, OFFICE NO. 213,CHURCH ROAD, JAIPUR - 302 001

152 JODHPUR FIRST FLOOR, 54, GULAB BHAWAN, 26366090291 CHOPASNI ROAD, 2636710

NEAR KANKARIYA BUILDING,JODHPUR - 342 003

153 KOTA 344, MEWARA PLAZA, FIRST FLOOR, 23608630744 SHOPPING CENTRE, RAWAT BHATA-GUMAN PURA

ROAD, KOTA - 324 0072361356

154 SRIGANGANAGAR 53-B 3RD FLOOR OPP BAKSHI COMPUTER CENTRE 24822020154 NEAR RAVINDRA PATH MAIN ROAD 2485993

SRIGANGANAGAR-335 001155 UDAIPUR 11-12, GROUND FLOOR, ANAND PLAZA, 2529530

0294 NEAR AYAD BRIDGE, 2429575 / 2429509UNIVERSITY ROAD, UDAIPUR – 313 001 2492575

TAMILNADU:156 CHENNAI JUSTICE BASHEER AHMED SAYEED BLDG., 40100200

044 3RD FLOOR, 45, MOORE STREET, 25340725 / 25340766SECOND LINE BEACH,CHENNAI - 600 001

157 CHENNAI 202, II FLOOR, CHALLA MALL, COMPLEX, 2432 8380044 11/11/A, SIR THEAGARAYA ROAD, T. NAGAR, 42051774

CHENNAI - 600 017158 CHENNAI GOKUL ARCADE, 1ST FLOOR, 45504085

044 No 2 SARDAR PATEL ROAD, 24420602ADYAR, CHENNAI - 600 020

159 CHENNAI W 101, 1ST FLOOR, 42051772044 II AVENUE , ANNA NAGAR, 26282835

CHENNAI - 600 040 26280154160 CHENNAI SHOP NO.1 B GROUND FLOOR, 24986972

044 NO. 4/180, TNHB COMPLEX, 43536409LUZ CORNER, MYLAPORE ,CHENNAI- 600 004

161 CHENNAI SHOP NO 8 & 9, FIRST FLOOR, 22260569044 NO 68/22A, KAKKAN STREET, 42034948

TAMBARAM WEST, CHENNAI – 600 045162 CHENNAI ARUT JOTHI TOWERS, 1ST FLOOR, 22520191

044 NO. 2&9, SHAKTHI NAGAR, MOUNT 42014260POONAMALLEE HIGH ROAD, PORUR,CHENNAI - 600 116

143


Sr. No. Location Address Telephone / Fax no.163 CHENNAI 3, FIRST FLOOR, THARAMANI 100 FEET ROAD, 22431016

044 TANSI NAGAR, VELACHERY, 22431017CHENNAI- 600042

164 CHENNAI NAVIN ISWARYA, GROUND FLOOR, 24731385044 NEW NO.84, OLD NO. 48, 24731386

BRINDAVAN STREET, WEST MAMBALAM,CHENNAI-600033

165 COIMBATORE U -101 1ST FLOOR, 2241606 / 22416090422 RAHEJA CENTRE, 1073/74, 2241654

AVINASHI ROAD,COIMBATORE - 641 018

166 ERODE 0424

159 , FIRST FLOOR , ABOVE ADAYAR ANANDA BHAVAN

2213823

PARIMALAM COMPLEX , METTUR ROAD , 2214026ERODE - 638 011 2214175

167 KARAIKUDI A.C.A COMPLEX, FIRST FLOOR, 23218004565 DOOR NO.30/1C, SEKKALAI ROAD, 232190

KARAIKUDI – 630 001168 KARUR 128/A, VANITHA TOWERS, 240528

04324 1ST FLOOR, KOVAI ROAD, 240438KARUR - 639 002 240628

169 MADURAI C-1, 3RD FLOOR, 23501780452 A.R. PLAZA, 2342184

16-17, NORTH VELI STREET, 2342174MADURAI - 625 001 2342178

170 PUDUCHERRY 201 MISSION STREET, 1ST FLOOR, 23317510413 PUDUCHERRY - 605 001 2331755

171 SALEM SHOP NO 5/1, 1ST FLOOR, SRI LAKSHMI COMPLEX, 2418648 / 49 / 50 /580427 No.76, CHERRY ROAD, OPP TO GOVERNMENT

ARTS COLLEGE, SALEM – 636 007172 TRICHY RAMANATHAN ARCADE, 2740928

0431 FIRST FLOOR, NO.16, K C ROAD, 2741927THENNUR, TRICHY - 620 017 2741930

173 TUTICORIN ANBUNATHAN MEDICAL COMPLEX, 1st FLOOR, 23276380461 285/8 D, WGC ROAD, 2301497

TUTICORIN - 628 002 2327639 TELANGANA :

174 HYDERABAD G-6 TO G-10, GROUND FLOOR, 66664666/67 / 68, 23740647 / 48

040 SWARNA JAYANTHI COMMERCIAL COMPLEX, 66664673 NEAR HUDA MAITRIVANAM,AMEERPET, HYDERABAD - 500 038

175 HYDERABAD #16 11 762 /1 to 15 24151203040 1st FLOOR, LEGEND RINDA CAPITAL,

MOOSRAMBAGH24151197

DILSUKHNAGAR, HYDERABAD - 500 060 176 HYDERABAD 3-6-269, G-6 & 7,MYM MONEY CENTRE, 23261526

040 OPP. TELUGU ACADEMY, HIMAYAT NAGAR, 23261527 HYDERABAD - 500 029 23261138

177 KUKATPALLY KALYAN SRI SAI NIKETAN, 66203220040 PLOT No 138, BEHIND MARGADARSHI CHITFUND, 23063560 / 64509503 BHAGYANAGAR COLONY, OPP. KPHB COLONY, KUKATAPALLY, HYDERABAD - 500 072

144


Sr. No. Location Address Telephone / Fax no.178 NIZAMABAD BLOCK-E, FIRST FLOOR, KAVITA COMPLEX, 232233

08462 GODOWN ROAD, NIZAMABAD - 503 001 232255179 SECUNDERABAD No.9-1-199/2/55/B 27803394 / 95 / 96

040 SONA ACCORD, GROUND FLOOR, 27809994 / 95 ST.MARY’S ROAD ROAD, SECUNDERABAD - 500 003

180 SECUNDERABAD 102, TAVISHA ARCADE, 1ST FLOOR, 27117396040 OPP. MORE SUPER MARKET, ADMIRAL KATARI MARG, 27117397 DEFENCE COLONY, 5TH AVENUE BAKERY ROAD, 27117398 SAINIKPURI, SECUNDERABAD- 500094

181 WARANGAL SHOP No.16, FIRST FLOOR, 25533180870 H.No. 5-9-36/37, MAYURI BVSS COMPLEX,

OPP. PUBLIC GARDEN, LASHKAR BAZAR, HANAMKONDA MAIN ROAD,WARANGAL - 506 001

TRIPURA :182 AGARTALA

03811ST FLOOR, 88, MOTOR STAND ROAD, OPP.PETROL PUMP, AGARTALA, TRIPURA WEST – 799 001

2300089 (Telefax)

UTTAR PRADESH:183 AGRA 6, AWAGARH HOUSE, 2524126/2524127/

0562 OPPOSITE ANJANA CINEMA, 2520325 / 2520013M.G.ROAD,CIVIL LINES, AGRA-282 002

184 BAREILLY 167- A , FIRST FLOOR, OPPOSITE HOTEL D GRAND 0581-25101680581 CIVIL LINES, STATION ROAD 0581-2510169

BAREILLY – 243001185 JHANSI HOUSE NO. 968 (OLD NO.372), FIRST FLOOR, 2330233

0510 SHANTI COMPLEX GWALIOR ROAD CIVIL LINES, 2333233JHANSI - 284 001 2331233

186 PRAYAGRAJ (ALLAHABAD) L.D.A. CENTRE, GROUND FLOOR, 2560178 / 25600230532 2 SARDAR PATEL MARG, 2560088

CIVIL LINES, PRAYAGRAJ - 211 001187 GHAZIABAD 118/3 ,ABOVE IDBI BANK 2796097

0120 MODEL TOWN EAST 2796098G.T ROAD 2796099GHAZIABAD 201 001 4340886

188 GORAKHPUR OFFICE NO. 16,17,18, III FLOOR, 23418090551 THE MALL’ CROSS ROAD, BANK ROAD , 8189000135

GORAKHPUR - 273 001189 GREATER NOIDA 303, THIRD FLOOR, 2396117

120 KAISON’S SQUARE TOWER, 2396118 ALPHA 1, COMMERCIAL BELT,GREATER NOIDA - 201308

190 KANPUR GROUND FLOOR, KRISHNA TOWERS, 23382960512 15 / 63 , CIVIL LINES, 2306084/3018506

KANPUR - 208 001191 LUCKNOW 36/15, FIRST FLOOR, 4011810 / 4044571

0522 OPP ROHIT BHAWAN, 2629850 / 26298406 SAPRU MARG,LUCKNOW - 226 001

192 MEERUT T-306, THIRD FLOOR, GANGA PLAZA, 2656274 / 26551670121 BEGUM BRIDGE ROAD, 2656036

MEERUT - 250 002193 MUGHALSARAI SHOP NO 1, 1ST FLOOR, B.N.COMPLEX, 257542

05412 BESIDE CORPORATION BANK, CIRCUS MOD,G.T.ROAD, MUGHALSARAICHANDAULI- 232101

145


Sr. No. Location Address Telephone / Fax no.194 NOIDA 206, SECOND FLOOR, OCEAN PLAZA, P-5, 4217077 / 78 /33

0120 SECTOR 18, 2516368 /69 /70NOIDA - 201 301 2516369 (Fax)

195 VARANASI KUBER COMPLEX, FOURTH FLOOR, 2226818 / 22268970542 D - 58/2, RATH YATRA, VARANASI - 221 010 2226098

196 VARANASI S 2/639-18, HASHMI COMPLEX, CLUB ROAD, 22803020542 KACHAHARI, VARANASI - 221 002

UTTARAKHAND :197 DEHRADUN FIRST FLOOR 59/3 2710248/ 2652558

0135 RAJPUR ROAD, ABOVE IDBI BANK 2710215 (Telefax)DEHRADUN- 248 001

198 HARIDWAR FIRST FLOOR,KUMAR COMPLEX 265941 / 26650401334 CHANDRA ACAHARYA CHOWK, RANIPUR MORE,

HARIDWAR - 249 407199 HALDWANI SHOP NO. L-2 , DURGA CITY CENTER, 282392 / 282393

05946 BHOTIA PARAO, NAINITAL ROAD,HALDWANI - 263 139

WEST BENGAL :200 KOLKATA 125/1 PARK STREET, A G TOWERS, 22262081/ 22262100

033 SIXTH FLOOR, KOLKATA- 700 017 40250709 / 40250710201 KOLKATA RNM HOUSE, 3B LAL BAZAR STREET, 22107584 / 40350810

033 THIRD FLOOR, KOLKATA- 700 001 40350802 / 40350812202 KOLKATA MERLIN MATRIX,UNIT NO 102,1St FLOOR,DN 10, 46024908/46020916

033 SECTOR-5, SALT LAKE,KOLKATA – 700091.

203 KALYANI B -9/21 (CA) 1ST FLOOR,NEEMTALA ROAD, 25823076033 KALYANI , WEST BENGAL 741235 25824448 (Telefax)

204 HALDIA AKASH GANGA COMMERCIAL COMPLEX, 272067 / 27216603224 UNIT NO. 3/17, THIRD FLOOR, DURGACHAK,

HALDIA, DIST - MIDNAPORE -721 602205 RASHBEHARI PURABI APARTMENT, GROUND FLOOR-GA, 46034980 / 46034981

033 ( NEXT TO FRANK ROSS),28, RASHBEHARI AVANUE,KOLKATA – 700026.

Mr. Dinesh Patel, IAS, Superintendent of Stamps & IGR,

Gujarat inaugurated online payment of e-Court fees at Gandhinagar in the presence of Mr. Amrut Patel,

Additional Superintendent of Stamps. Also, seen in the picture are

Mr. Kanchan Banerjee - Regional Manager Gujarat, Mr. Gopesh Shah, Region Coordinator, Mr. Mehernosh

Dordi Area Manager, and Mr. Himanshu Shah Deputy Manager.

Mr. Vinay Purohit, MD & CEO of SSIL and Mr. Kanchan

Bannerjee, Regional Manager - Gujarat at the inauguration

of StockHolding’s First Branch in International Financial

Service Centre (IFSC Gift City SEZ), Gandhinagar, Gujarat on

August 05, 2021.

PHOTO GALLERY

Mr. Parth Sheth, Executive, Ms. Archana Jain, Manager & Mr. Jayank Jain, Deputy Manager were also present at the inauguration.

146

PHOTO GALLERY

Bridge school project initiated under CSR in the interiors of Orissa.

(Late) Mr. Balaji Patro, the then Regional Manager of UP & Uttarakhand receiving an appreciation letter from the former IGR, Ms. Ministhy S., IAS for implementation of digital e-Stamp and Swift on February 24, 2021.

(Late) Mr. Balaji Patro, the then Regional Manager of UP & Uttarakhand executed an MOU

with SBI as ACC for e-Stamping in the presence of Mr. Ashwani

Darbari, AGM – SBI and Mr. R. K. Singh, DGM – SBI.

147

PHOTO GALLERY

Vaccination Camp organised at StockHolding’s Main Operations Office at Mahape, Navi Mumbai on June 26, 2021

and July 03, 2021 for the employees and their families.

148

Stock Holding Corporation of India Limited.pdf - IFCI

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Transcript of Stock Holding Corporation of India Limited.pdf - IFCI